Goodman Group trims GPT stake to 17%

Goodman Group, the Australian property services company, reduced its stake in New Zealand’s Goodman Property Trust to 17% from 28% after the sale of units to institutional investors.

ASX-listed Goodman realised a gain of A$72 million from selling down its stake. The 93 million units were sold at 95 New Zealand cents apiece. Units of Goodman Property fell 3.9% to 99 cents on th4e NZX today.

Goodman chief executive Greg Goodman said the remaining 17% holding in the trust is “a long term investment position and is in line with our strategy of targeting 15-20% for investments in the Group’s funds.” The sell down will assist Goodman to pursue its core operation of owning, developing and managing industrial property and business space in its key markets, it said.

John Dakin, chief executive for Goodman Property, said strong demand for the units sold by Goodman Group was “extremely pleasing.” The transaction has no impact on Goodman Property’s operating earnings guidance for 2010. 

Businesswire.co.nz

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