Goodman wins near-unanimous backing for structural overhaul

31st March 2026 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Goodman Property Trust (GMT) has secured overwhelming investor backing to proceed with a major structural overhaul.

Unitholders approved the Extraordinary Resolution at a special meeting yesterday, 31 March, with 99.95% of votes cast in favour of the transaction.

The vote cleared the way for a shift from a traditional unit trust structure to a corporatised, stapled structure, which Goodman said would support its next phase of growth.

The stapled securities will trade as a single investment, while allowing the business to diversify earnings across development, capital partnerships and new sectors.

The transition is now expected to complete on 7 April 2026.

“Given GMT’s strategic direction, expanding property funds management platform, and increased active investment opportunities, the proposed structure offers the most effective framework to support the delivery of our long-term investment strategy while retaining Portfolio Investment Entity (PIE) status for the investment property portion of the business,” chair of Goodman Property Services, which manages Goodman Property Trust, John Dakin said on Tuesday.

“With a substantial warehouse and logistics portfolio valued at $4.7bn, including external partnership assets under management, GMT’s investment strategy remains focused on high quality real estate in core industrial property markets.

“Following the successful launch and settlement of the new Highbrook Fund in September 2025, the proposal facilitates further growth in our property funds management business.”

Dakin said the new structure also positioned the business to pursue a greater level of active investment opportunities, “including continued investment into our development pipeline and selective acquisitions, such as the recently announced acquisition of 5.1 hectares of land at Felix Street in Onehunga”.

“In summary, corporatisation will provide a contemporary governance structure and ongoing cost savings to the business and a stapled structure will allow a greater level of active investment opportunities to be undertaken whilst retaining PIE status for the passive investment property portion of the business.”

Goodman said that if the proposed corporatisation and stapling transaction did not proceed, it would continue to operate under its current trust structure “which will restrict certain strategic opportunities and constrain our ability to advance income diversification and further enhance earnings growth”.