NZ's Goodman Property Trust hits decade high on Blackstone deal

Goodman New Zealand and Goodman Property Services

18/05/2018 02:35

** Goodman Property Trust  GMT.NZ  rises as much as 2.5 pct
to NZ$1.415, its highest since Jan 2008
    ** Co sells office portfolio jointly held via JV with
Singapore's GIC to Blackstone Group  BX.N  funds for NZ$635 mln
($436.9 mln)  urn:newsml:reuters.com:*:nL3N1SO5PJ
    ** Co to be almost fully allocated to Auckland industrial
market after this sale and some other contracted sales
    ** Office space "has been something Goodman has been trying
to get out of for a while", says Tony Sherlock, senior analyst,
Morningstar Inc
    ** "They believe they can get higher risk-adjusted returns
on high quality industrial (property) than office"
    ** Stock posts biggest intraday pct gain since Feb 12
    ** On track to end fourth straight session of gains
    ** Stock second-biggest pct gainer on the benchmark index
 .NZ50 
 ($1 = 1.4533 New Zealand dollars)

 ((Aaron.Saldanha@thomsonreuters.com ; +91 80 6749 1130; Reuters
Messaging: Aaron.Saldanha@thomsonreuters.com @reuters.net))