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Goodman sells Chch property for $14m

NZ Newswire logoNZ Newswire 15/03/2017 Rebecca Howard

NZX-listed property investor Goodman Property Trust has sold commercial buildings in Christchurch to a local investor for $14 million.

This latest transaction brings the total value of sales for the current financial year to almost $280 million, the company said in a release to the stock exchange.

"An active sales programme is reducing debt and providing funding capacity for GMT's development activity," chief executive John Dakin said.

It's a strategy that is improving the quality of the portfolio and increasing investment in the favoured Auckland industrial market, a sector we expect to deliver superior growth."

The unconditional sale is expected to settle before the end of March 2017.

GMT has a market capitalisation of about $1.6 billion and a property portfolio with a value in excess of $2.3 billion that accommodates more than 250 customers.

The units last traded at $1.175 and have fallen 3.7 per cent over the past year.

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