Goodman Property Trust has entered into a conditional contract to sell 3 adjoining Greenlane office properties to syndicator Oyster Management Ltd for $206 million.
The properties are the 2 Millennium office estates & the Yellow HQ building at 600-604 Great South Rd, Greenlane.
Trust management company chief executive John Dakin said today: “This sale is a continuation of an investment strategy that is focused on organic growth. With asset disposals funding the trust’s award-winning development programme, we’re rebalancing the portfolio with greater investment in the Auckland industrial sector.”
Mr Dakin said the transaction would have a positive impact on trust debt levels, reducing its loan:value ratio by about 5%.
The sale is still conditional on Oyster’s due diligence, but is contracted to settle on 15 December.
Attribution: Company release.