Goodman Property Trust (NZE:GMT) said its manager Goodman Property Services (NZ) proposed the corporatization of Goodman Property Trust and a change from a unit trust structure to a stapled structure for the business, subject to unitholder approval by an extraordinary resolution, according to a Friday New Zealand bourse filing.
It is proposed that the corporatization will result in two companies: one that will hold passive real estate, and the other that will pursue more active investment opportunities and provide property management and funds management.
If approved, investors' ownership will be of shares in Goodman New Zealand and Goodman Property Services (NZ), that are permanently linked and trade together as one combined security on the New Zealand bourse under a single ticker code, GNZ.
The special meeting of Goodman Property Trust's unitholders will be held on March 31. The proposal will also require the approval of Goodman+Bond holders.