Macquarie Goodman Property Trust (MGP), the country's second-largest listed property owner, said today it has added two more properties to its portfolio.
MGP bought two properties from media group APN for $21 million in a sale and leaseback deal.
They include a printing and warehouse facility in Manukau, Auckland, andan office and manufacturing warehouse in Hornby, Christchurch.
The Auckland property is on a 12-year leaseback to APN with three-yearly rent reviews, while the Christchurch building is on a seven year lease with two-year reviews.
The deal is expected to be settled on June 16.
"This was a great opportunity to establish a relationship with a blue chip customer," Goodman NZ Ltd chief executive John Dakin said.
MGP also announced it has leased the balance of its development at Auckland's Westney Industry Park to ASX-listed motor vehicle and leisure retailer, Super Cheap Auto.
Super Cheap Auto has signed a six-year lease with rent reviews every two years and a right of renewal to a further six years.
Today's developments extend MGP's weighted average lease expiry to 5.7 years from 5.6 years.
MGP units last traded unchanged at $1.25 against a year high of $1.28 and a low of $1.15.
* APN owns nzherald.co.nz, the New Zealand Herald, Herald on Sunday, Aucklander and other papers throughout the country. It is also joint owner of The Radio Network.
