Property trust to change fee structure
Macquarie Goodman Property Trust (MGP) plans to buy $304 million of assets from its Australian-based sister Macquarie Goodman Group (MGQ), effectively doubling its size and propelling it into the sharemarket's top 50.
Wednesday, March 9th 2005, 6:21AM
by The Landlord
MGP's management company Macquarie Goodman NZ Ltd (MGNZ) said yesterday the plan would result in MGP becoming the second largest NZX listed property group by market capitalisation.The deal is expected to take MGP into the benchmark NZSX-50 gross index of top stocks, "thereby increasing investor awareness... and enhancing trading liquidity in the MGP units".
The assets MGP will acquire are MGQ's interests in New Zealand industrial and commercial property developments which have either been completed or commenced and which are currently held jointly by the two groups. MGP will also take a 50% interest in development land at MGQ's Central Park Corporate Centre, Greenlane and The Gate Industry Park, Penrose in Auckland.
As well as creating New Zealand's second largest listed property trust the deal would simplify MGP's property ownership structure, MGNZ said.
Meanwhile MGNZ has also proposed restructuring the fees it receives for managing MGP, reducing its base fee and the introducing a performance based payment.
This would result in an "improved alignment of the interests of unitholders and MGNZ," MGNZ said.
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