Goodman Property Trust is selling a 49 percent stake in its properties in Auckland's Viaduct Quarter to the Singapore government's sovereign wealth fund in a deal worth an initial $153.6 million.
Listen to John Dakin interview on Business News
Goodman and GIC have formed a joint-venture, subject to Overseas Investment Office approval, to own Goodman's existing properties in the Viaduct area which include the Air New Zealand building, the Viaduct Corporate Centre and the Fonterra building, which is currently under construction.
It is GIC's first real estate investment in New Zealand.
The chief executive of Goodman's manager, John Dakin, said the trust would use the capital, released by the deal, to fund other developments.