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GOODMAN GROUP Capital/Financing Update 2005
64998_rns_2005-05-17_96b905c4-bc66-4970-bc5b-a96dca990e3d.pdf
Capital/Financing Update
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ASX Release - Macquarie Goodman Group ("Macquarie Goodman")
Macquarie Goodman acquires North Shore Corporate Centre
Date:18 May 2005 Release: Immediate
Macquarie Goodman has acquired the St Leonards Corporate Centre for a contract price of \$77.0 million.
St Leonards Corporate Centre is located in a tightly held precinct within 600 metres of the St Leonards railway station.
The property comprises a total net lettable area of 35,631 sqm which consists of a 56%:44% office/warehouse split. The improvements consist of 2 four level commercial buildings and 22 office/warehouse units on a total site area of 37,160 sqm.
The property is currently 87% occupied. Macquarie Goodman will undertake a repositioning and refurbishment program which it expects will result in an 8.6% yield on a fully let basis.
Chief Operating Officer, David van Aanholt said "St Leonards Corporate Centre is a quality asset enhancing our portfolio in the lower north shore market. The market has been historically a strongly performing precinct for the group which has an average occupancy of 97% and average retention rate of 89%."
The purchase will be funded via debt with settlement expected in May 2005.
For further information, please contact Macquarie Goodman:
| David van Aanholt | ||
|---|---|---|
| Chief Operating Officer | ||
| +61 2 9230 7400 - | Automotive |
Nick Kurtis Fund Manager +61 2 9230 7400
Macquarie Goodman Group Macquarie Goodman Management Limited ABN 69 000 123 071 Macquarie Goodman Funds Management Limited ABN 48 067 796 641; AFSL Number 223621
Level 10, 60 Castlereagh Street Svdnev NSW 2000 GPO Box 4703 Sydney NSW 2001
Telephone +61 2 9230 7400 Facsimile +61 2 9230 7444 [email protected] www.macquariegoodman.com