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.

Want to comment? Go to the forum.


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

Comments are closed.
WordPress Appliance - Powered by TurnKey Linux