Goodman buys partner out of Show Place

Published 1 July 2010

The Goodman Property Trust has acquired the balance of the Show Place Office Park in Addington, Christchurch, from its joint venture partner for $23 million. Show Place has 22,000m² of high quality office space and space to develop another 7000m². Goodman bought Ernest Henshaw’s 50% of the venture after he decided to retire from property-market business activities. Goodman (NZ) Ltd chief executive John Dakin said yesterday the consideration was a combination of Goodman units & cash, with a deferred settlement component. Mr Henshaw has been issued with 11.7 million units at 98c/unit for $11.5 million of the price and will be paid the other $11.5 million in cash on 30 June 2013. Mr Dakin said the structure & size of the acquisition meant it had no material impact on the forecast operating earnings of the trust or its overall gearing level.

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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