Macquarie Goodman Property Trust is to get a new name after an $825 million shareholder shake-up across the Tasman.
The NZX-listed property trust is controlled by Australian-based Macquarie Goodman Group. Macquarie Bank sold its stake in the group in August last year, so the group and the trustare to be rebranded, losing the Macquarie name.
Macquarie owned 7.7 per cent of ASX-listed Macquarie Goodman Group, which holds a stake in the New Zealand trust and employs its manager.
The bank sold its shares in the group for A$5.90 each, netting A$733 million ($825 million).
New Zealand's Goodman family, which runs the Macquarie Goodman Group, picked up some of the shares for about A$100 million. Greg Goodman, the group's chief executive officer, said his family's interests now stood at 9 per cent, up from 8 per cent before the deal.
Institutions picked up the rest of Macquarie's stake.
The group is the world's second-largest industrial landlord and Australasia's largest. It has real estate here, in Australia, Asia and Europe.
The New Zealand trust has real estate assets valued at $1.1 billion and specialises in industrial real estate. One of its largest investments is in Highbrook Business Park in East Tamaki, Auckland.
John Dakin, who heads the trust in New Zealand, said a new name had not yet been decided for the NZX-listed entity but the Macquarie name would disappear this year. Dakin said he hoped the Goodman name would remain because it held a significant place in our corporate history.
Patrick, Greg and Craig Goodman - sons of renowned New Zealand food industrialist Sir Pat Goodman - run the trust.
Macquarie Bank joined the family company in 2000 but Greg Goodman said one brand would now be adopted for the group's global interests.
Who's who
New Zealand's Macquarie Goodman Property Trust
* Formerly Colonial First State Property Trust
* Established four years ago as an investor with minor development
* Biggest investor is Australia's Macquarie Goodman Group
* NZX-listed
Australia's Macquarie Goodman Group
* Bought Colonial's management in December 2003
* World's second-largest industrial landlord, behind ProLogis of the US
* Holds about a third of the trust worth at least $200 million.
