Goodman Property Trust (GMT Bond Issuer Limited)

Description

Goodman Property Trust (GMT) is an externally managed listed unit trust that invests in high quality industrial and business space property. It is an established business built around a modern portfolio, a wide customer base and a proven development capability. GMT has a corporate credit rating of “BBB” from Standard & Poor’s.

GMT was listed on the NZX Main Board in 1999 and had a market capitalisation of $1,234.6 million at 30 September 2013, GMT is one of the NZX Main Board’s largest listed issuers and is included in the leading NZX15 index. In December 2003, the ASX listed Goodman Group acquired the management rights and a cornerstone unitholding in GMT.

The Issuer for the Offer is GMT Bond Issuer Limited, a wholly owned subsidiary of GMT. The board of the Issuer is the same as the board of the Manager.

The Issuer was incorporated on 5 November 2009 for the purpose of undertaking a retail issue of bonds to investors and on-lending the proceeds to GMT.

The Issuer for GMT bonds is a special purpose entity, whose principal assets are amounts owing by GMT (the Issuer loaned the proceeds of its first bond issue to GMT and will lend the proceeds of the Offer to GMT by way of an interest bearing loan).

As a result:
(a) the recourse of Bondholders to GMT under the Guarantee;
(b) the creditworthiness of GMT; and
(c) the recourse of the Bondholders to the Security Pool Assets, are key considerations when considering an investment.

 

Website investor pageGoodman Property Trust
Corporate credit ratings(s) Standard & Poors (S&P)   BBB+Stable