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Goodman Property scales unit plan

Tuesday 8 Jan 2013 1:43 p.m.

Goodman Property Trust, the second-biggest property investor on the NZX, has scaled its unit purchase plan after oversubscriptions top out.

The Auckland-based property investor has scaled applications to 77.95 percent after receiving $38.5m of bids in the offer to unit holders, some $8.5m above its limit, the company said in a statement.

The UPP was originally seeking to raise $20m at $1 per unit as part of an $80m capital raising to partially fund its buy-out of Auckland's half-developed Highbrook Business Park.

Last year, Goodman Property raised the first $60m from institutional investors in a private placement, meaning it raised a total of $90m of new equity after the oversubscription.

The $186.6m acquisition of the 100 hectare property in East Tamaki got investor approval last month after a special meeting.


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