The Overseas Investment Office has approved the introduction of GIC as a new capital partner for the Goodman Property Trust in an expanded joint venture investing in Auckland’s Viaduct Quarter.
The joint venture is now unconditional and settlement is expected in February.
Trust manager Goodman (NZ) Ltd’s chief executive, John Dakin, said on Wednesday: “The introduction of a strongly aligned capital partner will enable the trust to extend & diversify its Viaduct portfolio, maintaining a long-term investment of around $250 million.”
The joint venture, which includes Goodman’s existing Viaduct property interests, will own a portfolio of assets valued at $313 million, with a mandate to grow to about $500 million.
Attribution: Company release.