$15.6m APN building sale

Goodman Property Trust has sold the APN News & Media building in Manukau
to a local syndicate for $15.6 million and will use the proceeds to continue building up its balance sheet.

The trust cut its forecast return to shareholders as the credit crisis hit the value of its portfolio and demand started to ease.

The trust also received another commitment at Highbrook Business Park
in East Tamaki, a 10-year project where pre-development commitments
now total $68.4 million. It said building products and glass manufacturers CSR Viridian had committed itself to a warehouse and office space at Highbrook, expected to be finished in mid-2009 at a cost of $11.8 million.

- NZPA