Goodman Property Trust grows Highbrook Fund to NZD365m with new investment

Goodman Property Trust (GMT) announced an additional NZD15 million commitment for the new Highbrook Fund, bringing the total equity investment from capital partners to NZD365 million. This new commitment originates from the local arm of one of the original capital partners, a global investment manager acting on behalf of Australian and New Zealand discretionary funds. GMT will maintain a 71% cornerstone interest in the limited partnership that will own the NZD2.1 billion estate.

The additional NZD15 million investment followed independent negotiations, distinct from the original agreement to establish the fund. This transaction did not require further NZX Listing Rule approvals or waivers. GMT had previously secured a waiver from Listing Rule 5.2.1 for the original fund establishment due to the participation of Goodman Group, a related party.

Goodman Property Trust operates as a managed investment scheme listed on the NZX, boasting a market capitalization of approximately NZD3.3 billion. This places it among the top 15 listed investment entities, recognized as New Zealand's leading warehouse and logistics space provider, and holds an investment-grade credit rating of BBB from S&P Global Ratings.