KEY POINTS:
Goodman Group has sold its Eden Business Park in Auckland for $102.6 million to specialist property funds management group, Orchard Funds Management.
The gross sale price represents an initial yield of 8 per cent with an expected net gain of $11.95 million.
Eden Business Park has five office buildings and one car park building situated over a 1.8ha office park.
David van Aanholt, GMG's chief executive officer Asia Pacific, said the completion of a further stage of development offered an additional $29.9 million of value to the park.
GMG has an ongoing strategy to dispose of non-core assets and recycle the capital. Mr van Aanholt said the proceeds would be used to reduce group debt.
In New Zealand GMG is the cornerstone investor and manager of the Goodman Property Trust, a leading industrial and business space provider.
- NZPA
