Macquarie Goodman Property profit lifts 98 per cent

The country's second biggest listed property investor, Macquarie Goodman Property Trust (MGP), today reported a 98 per cent rise in full year profit, driven by major acquisitions.

The trust reported a net profit after tax of $35.1 million for the year to March 31 compared with a $17.7 million profit the previous year.

A further gain of $27.8m was made after a revaluation of the company's portfolio of office and commercial buildings.

MGP's assets jumped from about $500m to just under $1 billion during the year after it acquired a portfolio of industrial and business properties from its cornerstone unit holder, Australia's Macquarie Goodman Group.

That made it the second-biggest listed property investor on the NZX, after Kiwi Income Property Trust, with a market capitalisation of $623m.

Total operating revenue jumped 145 per cent to $53.2m, due largely to the $300m purchase of Macquarie Goodman's assets in March this year.

MGP chief executive John Dakin said the trust would continue to invest in high-quality investment properties.

"While business growth is expected to slow over the short term, the industrial and business space sectors continue to experience strong occupier demand," he said.

MGP units last traded down 2c at $1.25 against a year high of $1.28 and a low of $1.15.

Since balance date, MGP has bought two warehouse and manufacturing properties from media group APN for $21m in a sale and leaseback deal.

- NZPA