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GMT valuation adds $110 million to portfolio value

Wednesday, 28 March 2018

Draft valuation reports from independent valuers indicate that GMT’s property portfolio will record an annual gain of around $110 million, or over 4%.

The positive result means GMT’s property portfolio has a current value of around $2.7 billion[1]

On a proportionately consolidated basis, including GMT’s 51% interest in the Wynyard Precinct Holdings Limited joint venture and including properties contracted for sale.
John Dakin, Chief Executive Officer said, “It’s a significant revaluation that reflects the quality of our repositioned portfolio. We have achieved outstanding leasing results over the last 12 months with strong growth in market rental rates across our assets. Sustained investor demand has also driven further cap rate compression, which has contributed to the uplift.” 

The gain is expected to add around nine cents per unit to GMT’s Net Tangible Asset backing, which was $1.30 at 30 September 2017.”  

The revaluation remains subject to finalisation and independent audit. Further details will be provided with the Trust’s FY18 annual result announcement on 17 May 2018.

For further information please contact:

John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316 

James Spence
Director Investment Management
Goodman (NZ) Limited
(09) 903 3269
(021) 538 934

[1] On a proportionately consolidated basis, including GMT’s 51% interest in the Wynyard Precinct Holdings Limited joint venture and including properties contracted for sale.