GIC-Goodman joint venture sells Wynyard office precinct to US private equity for $635M

Thu, 17 May 2018

By Andrew Bevin May 18 (BusinessDesk) - Wynyard Precinct Holdings, a joint venture between Goodman Property Trust and Singapore's government-owned GIC, has sold its commercial office precinct in Auckland to US private equity firm Blackstone for $635 million, twice the property's value when the venture was set up. GMT’s 51 percent stake in Wynyard Precinct means its share of the sale is $323.9 million. The property, known as the VXV portfolio, consists of seven low-rise buildings comprising 88,000 square metres of floor space. The sale...

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