GMT Announces $74.9 million Development Package

Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or "Trust"), is pleased to announce the commencement of five new industrial developments with a total project cost of $74.9 million. The five projects, which are being developed on a build-to-lease basis, are expected to generate $4.6 million of annual rental income once fully leased and income-producing. Goodman (NZ) Limited's Chief Executive Officer, John Dakin said, "Historically low vacancy levels and a lack of appropriately zoned development land means the Auckland industrial market is supply constrained. Businesses are at capacity and those that require additional warehouse and logistics space have very few options. GMT's own portfolio is full, and with no vacant warehouses available these new build-to-lease projects will provide much needed new supply." The developments include: + Island Units - a seven-unit development providing 4,265 sqm of warehouse/showroom space on Underwood Street and Business Parade South, Highbrook Business Park, East Tamaki. + Waiouru Point - overlooking the Tamaki River on Waiouru Road, at Highbrook Business Park, the adjoining developments provide a combined 4,359 sqm of office and warehouse space. + M20 9,000 - positioned at the front of M20 Business Park on Plunket Road in Manukau, the development includes a 9,130 sqm warehouse together with 500 sqm of office space. + Westney 4,500 - located on Timberley Road at Westney Industry Park the development provides 4,970 sqm of warehouse and office space. + 68 Westney Road - 3,377 sqm warehouse extension to an existing facility at Westney Industry Park in Mangere. The five developments add to the $140.7 million of projects currently underway, meaning GMT now has over $215 million of work in progress. Most of this activity is at Highbrook Business Park in East Tamaki. On completion of current projects, GMT's largest estate will be over 90% developed, with a value in excess of $1.5 billion. John Dakin said "We've made rapid progress with the development programme in recent years with more than $780 million of new project commencements since 2014. It's added to the quality of the portfolio and contributed to the record profits achieved by the Trust. Following completion of all current projects the Trust's development land weighting is expected to reduce to less than 2% of portfolio value." GMT's development programme has always included a combination of design-build and build-to-lease projects. It's a proven strategy with the 15 warehouses developed on an un-committed basis last year being leased either before completion or shortly after. Including the projects announced today GMT has 50,664 sqm of uncommitted space now under development, this represents just 4.5% of GMT's total portfolio. John Dakin said "These new facilities will provide customers with another option for their space requirements. They are of a size and design that is likely to appeal to a wide range of occupiers and we expect them to lease quickly." A schedule of all current development projects, including those announced today, is attached as an appendix to this announcement. For further information please contact: John Dakin Chief Executive Officer Goodman (NZ) Limited (021) 321 541 James Spence Director Investment Management Goodman (NZ) Limited (021) 538 934 Andy Eakin Chief Financial Officer Goodman (NZ) Limited (021) 305 316 About Goodman Property Trust: GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $2.8 billion, ranking it in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group is also the Trust's largest investor with a cornerstone unitholding of 22%. GMT is New Zealand's leading industrial space provider. It has a substantial property portfolio, with a current value of $2.8 billion. The Trust holds an investment grade credit rating of BBB from Standard & Poor's. End CA:00341114 For:GMT Type:GENERAL Time:2019-09-18 08:33:23