Wynyard Precinct Holdings Ltd., a 51/49 joint venture between Goodman Property Trust and Singaporean wealth fund GIC, is selling an office portfolio in Auckland to certain Blackstone Group LP funds for NZ$635 million.

The deal for the VXV portfolio of seven low-rise buildings with 88,000 square meters of space was struck on a 6.6% passing yield. It is expected to add approximately 2.5 New Zealand cents to the pro forma net tangible assets of the Goodman Group subsidiary, according to a release.

Settlement of the agreed transaction is expected in late financial year 2019, upon the procurement of necessary approvals from the Overseas Investment Office and freehold landowner.

John Dakin, CEO of Goodman (NZ) Ltd., said following the transaction, the New Zealand-based industrial and business space provider's NZ$2.2 billion portfolio will be almost 100% invested in the industrial market of Auckland.

As of May 17, US$1 was equivalent to NZ$1.45.