Goodman holders approve purchase
Unitholders of Goodman Property Trust have overwhelmingly approved a $186.6 million buyout of Highbrook Business Park at an extraordinary general meeting today.
The NZX-listed property trust will acquire 50 per cent of Highbrook Development Limited (HDL) from Goodman Group and interests associated with Highbrook - and Fisher and Paykel - founder Sir Woolf Fisher. It will also get Fisher's 25 per cent stake in Highbrook Business Park Limited Properties.
It already held 50 per cent of HDL.
Unitholders voted 99.1 per cent were in favour of the resolution.
ASX-listed Goodman Group will take its payments in units while Fisher will take a combination of $56m in cash and the rest in units.
Chairman Keith Smith said the overwhelming support of unitholders reflects the special nature of Highbrook Business Park and the growth potential that it offers.
"The acquisition enhances an already high quality property portfolio and is expected to contribute to superior investment returns over time."
Highbrook is currently valued at $650m.
Goodman reported an after-tax profit of $40.5m for year ended March 2012 and its shares were trading at $1.025 this morning.
The property investor said at its annual general meeting this year the development of Highbrook was half completed and already pulling in over $30m in rental. Once finished, Highbrook is expected to house up to 15,000 staff.
The East Tamaki business park has 50 tenants including BMW and OfficeMax.
Highbrook was originally a thoroughbred breeding and training farm owned by industrialist Fisher. Its conversion to a business park began in the 2000s and Goodman bought into the park in 2004.
Goodman listed on the New Zealand Stock Exchange in 1999 and is externally managed by the Goodman Group.