The type of investment vehicle the Goodmans chose has attracted controversy.
Entities such as Macquarie Goodman Property Trust are often criticised for a management structure that holds too much power over unit-holder investors and charges exorbitant fees for its work.
The key to making money out of big-time property latelyhas been to own the manager of listed property vehicles.
The Goodmans know this and have used an LPT to run their business here.
"The family owns 8 per cent of the listed Macquarie Goodman Group," Patrick Goodman says. "That group, in turn, controls the manager of the New Zealand trust and owns a share of the trust."
But their return to business here has not been all cool runnings.
Take, for example, the case where their Sydney-based executive, Brett Schofield, raised patriotic hackles when he flew across the Tasman two years ago to tell a Property Council gathering that Auckland was regarded as a suburb of Sydney.
Rivals also picked that trust distributions this year would be paid from borrowings. Others criticise the Australian entity for taking all the best development deals here, robbing the local trust of opportunities and leaving Kiwi unit-holders without the most profitable deals.
Greg Goodman takes a serious view of accusations that the New Zealand business is paying distributions out of borrowings or that the Australian business is skimming off the best deals.
"Our distributions are paid out of general cash earnings, so that's not right. The New Zealand trust is building size and strength and will take more of the development upside over time."
