Goodman Property will raise funds thanks to a new offer of shares

The listed real estate investment company Goodman Property Trust is seeking to raise up to $ 175 million via an issue of shares for future developments.

John Dakin, General Manager of Goodman Property Trust.
Photo: PROVIDED

The company was paused while it sells $ 150 million of new shares to institutional investors and $ 15 million to small shareholders. It has left the discretion to accept up to $ 10 million in over-subscriptions.

The new shares are offered at $ 2.10 each, a reduction of 4% on the last traded price. The proceeds will initially be used to repay the debt, leaving the company with room for future developments.

"Completing the construction of the new GMT pitch and activating value-added opportunities within the portfolio remain the primary investment objectives.It is a disciplined approach that should underpin the growth of the GMT." company, "said General Manager John Dakin.

The company has about $ 215 million worth of projects under construction.

At the same time, the company has re-evaluated its real estate portfolio. The total amount of it increased by 6%, or $ 170 million, to $ 2.8 billion.

Goodman Property specializes in warehouses, business parks and other commercial developments in Auckland.