Trust adds two APN properties to portfolio

Macquarie Goodman Property Trust (MGP), the country's second-largest listed property owner, said today it has added two more properties to its portfolio.

MGP bought two properties from media group APN for $21 million in a sale and leaseback deal.

They include a printing and warehouse facility in Manukau, Auckland, and an office and manufacturing warehouse in Hornby, Christchurch.

The Auckland property is on a 12-year leaseback to APN with three-yearly rent reviews, while the Christchurch building is on a seven year lease with two-year reviews.

The deal is expected to be settled on June 16.

"This was a great opportunity to establish a relationship with a blue chip customer," Goodman NZ Ltd chief executive John Dakin said.

MGP also announced it has leased the balance of its development at Auckland's Westney Industry Park to ASX-listed motor vehicle and leisure retailer, Super Cheap Auto.

Super Cheap Auto has signed a six-year lease with rent reviews every two years and a right of renewal to a further six years.

Today's developments extend MGP's weighted average lease expiry to 5.7 years from 5.6 years.

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

* APN owns nzherald.co.nz, the New Zealand Herald, Herald on Sunday, Aucklander and other papers throughout the country. It is also joint owner of The Radio Network.

- NZPA