By ANNE GIBSON
A firm associated with one of Australia's biggest listed property trusts has received Overseas Investment Commission approval for the single largest property deal in New Zealand this year.
Sydney-based Macquarie Goodman Funds Management has permission to buy $44.1 million worth of property in Auckland. It is associated with Macquarie
Goodman Industrial Trust, which is listed on the Australian stock exchange.
In April last year the trust announced it would spend $30 million on a Penrose development, The Gate, between Church St and Neilson St.
But Macquarie has since changed the deal and expanded its acquisition to take in a neighbouring site.
The commission has just issued its May decisions in which it revealed it gave Macquarie permission for two applications. It can proceed with a $39.3 million deal to buy 13.8ha at 373 Neilson St from Penrose Logistics Centre - controlled by Auckland private investment bankers Willis Bond - and a $4.8 million deal to buy 1.5ha at 395 Church St from Carter Holt Harvey.
Both deals went before the commission because they involved the sale of New Zealand land worth more than $10 million to an overseas entity, though Macquarie is controlled by the sons of former Nelson baker and retired food magnate Sir Pat Goodman.
Craig, Patrick and Gregory Goodman, whose trust controls $1.3 billion worth of Australian properties, are making their first investment in New Zealand with The Gate. They have $1.7 million worth of property under management and own 48 properties, spanning industrial estates, business and office parks in all states of Australia.
The commission said the 1.5ha block was surplus to Carter Holt Harvey's needs following the sale of its paper division, which occupies the property, to B. J. Ball Papers.
Macquarie was the "logical" purchaser, given that the property adjoins The Gate and will be amalgamated in the industrial park development, the commission said.
The company wanted to buy the properties in one acquisition rather than piecemeal.
The Gate is one of the largest new warehouse/industrial parks under development in New Zealand. The first stage of the development is 32,000 sq m of industrial space for storage and leased to Carter Holt Harvey Tissue.
Macquarie Goodman Management
