Goodman cuts stake

Goodman Group has sold 93 million units in New Zealand listed Goodman Property Trust to institutions to raise A$72 million.

The sale was at 95c a unit compared with 97c at the close yesterday.

The sale reduces Goodman Group's stake in the trust to 17 per cent from 28 per cent.

Goodman Group chief executive Greg Goodman said the 17 per cent holding was a significant cornerstone investment and a long-term position.