16 Dec 2014

Goodman sells industrial property

2:01 pm on 16 December 2014

Goodman Property Trust has sold its industrial facility at Wiri for $53.2 million.

The sale of Enterprise Park to a private investor will be settled in March, bringing the property trust's total asset sales to almost $150 million, for the first nine months of the financial year, ending in June.

The trust is going to use the profits to accelerate plans to convert its considerable land holdings into new high quality, income-producing industrial and office parks.

Chief executive John Dakin said there had been strong demand for the trust's properties.

"The investment markets are very strong. There's a lot of demand for yielding assets generally, and that's all around the world.

"In New Zealand there's a combination of offshore buyers, local buyers - be they institutional or private - that are looking for real estate assets with a good yield", he said.

Mr Dakin said in a low interest environment it was a very good time to sell some assets that were not core to Goodman's business.

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