Goodman Property Trust says strong demand for good quality industrial sites and generally favourable market conditions contributed to a $185 million revaluation gain on its portfolio.
The real estate investor's manager, Goodman (NZ), said its upcoming result for the March 2019 year will include a 7.6 per cent lift in the valuation of its portfolio, which is expected to be a record $2.65 billion as at March 31.
That's expected to add 14 cents per unit to Goodman's net tangible asset, which was $1.389 as at March 31, 2018, while asset sales during the year likely added another 3.5 cents. The units last traded at $1.67, up 24 per cent from a year earlier.
"Investor demand for high-quality industrial property and positive market fundamentals are reflected in this record valuation result," chief executive John Dakin said in a statement.
"The trust's development programme contributed significantly to the gain, complementing the strong uplift in value from the investment portfolio."