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Goodman Property sets FY'19 guidance as office divestment strategy progresses

As it forges on with its strategy to divest all of its office assets in favor of an all-industrial property portfolio, Goodman Property Trust said it expects cash earnings for fiscal 2019 at 7.0 New Zealand cents per unit.

The board said cash distributions in the 2019 fiscal full year are expected at 6.65 cents per unit, the same as the distribution declared for the year ended March.

CEO John Dakin said in a release that part of the company's deliberate strategy is to sell its remaining office assets and develop industrial estates like the Highbrook Business Park. Recently, the Kiwi developer sold an office portfolio to Blackstone Group LP for NZ$635 million, noting that its NZ$2.2 billion portfolio will be almost 100% invested in the industrial market of Auckland, post-transaction.

As of May 25, US$1 was equivalent to NZ$1.44.