KEY POINTS:
Listed property investor Macquarie Goodman Property Trust (MGP) has bought 11 industrial assets worth $107.2 million.
To partly fund the acquisitions, a private placement of 76.9 million new units at $1.25 is being carried out, the trust announced today.
The New Zealand stock exchange said trading in MGP securities had been halted until either 5pm tomorrow, or until the trust announced a book build was finished, whichever came first.
MGP also announced an after-tax profit of $23.2m for the six months to September 30, 68 per cent ahead of the previous corresponding period.
Weighted earnings before tax, on a normalised basis, increased 5.7 per cent to 5.04 cents per unit and gross distributions increased 3.4 per cent to 5.10 cents per unit.
Unitholders would receive a gross distribution of 2.55 cents per unit, comprising 2.35 cents per unit in cash and 0.20 cents per unit in imputation credits.
Highlights of the period included completion of 91,500 square metres of development projects and a start to a further 17,300sq m of pre-committed industrial facilities, MGP said.
John Dakin, chief executive officer of MGP's manager Macquarie Goodman (NZ) Ltd said the result was due to an expanded and improved portfolio.
Over the half year MGP made property acquisitions of $57.9m and divestments of $28.9m, he said.
Following the interim balance date , the sale of the HSBC Centre for $24.4m and the partial sale of the Fletcher Head Office facility for $28.8m were announced.
"We have continued our objective to recycle non-core stand alone office assets by reinvesting sale proceeds into industrial and business park investments," Mr Dakin said.
The package of 11 purchases included $36.1m in development pre-commitments and an additional $71.1m in redevelopment opportunities.
Among the acquisitions is a 75 per cent interest in the second stage of Highbrook Business Park for $25.9m, and two brownfield development sites totalling 14.6ha, adjoining Auckland Distribution Centre in Plunket Ave, Auckland for $47.5m.
In Christchurch MGP has bought two adjoining sites totaling $23.6m over a total site area of 15.2 ha at Glassworks Industry Park.
Mr Dakin said the private placement to raise $96.17m was restricted to institutional and habitual investors.
- NZPA
