GIC, GMT sell New Zealand office portfolio to Blackstone

Wynyard Precinct Holdings, a joint venture between Goodman Property Trust (GMT) and Singapore’s sovereign wealth fund GIC, has sold its commercial office precinct in Auckland, New Zealand, to funds managed by Blackstone for $436.44 million.

GMT held 51 percent in the portfolio, while GIC owned the remaining stake. The property, known as the VXV portfolio, consists of seven low-rise buildings comprising 947,000 square feet.

The transaction is part of GMT’s plan to reposition the property trust’s focus toward high-quality industrial space. Following this and other sales, GMT’s NZ$2.2 billion ($1.52 billion) portfolio will be 100 percent invested in the Auckland industrial market.

The acquisitions by Blackstone are part of the company’s efforts to build up its exposure to Australia’s property sector.

The transaction, which remains subject to Overseas Investment Office and freehold landowner approval, is expected to close in late fiscal year 2019.