TEXT-Australia's Goodman cuts stake in NZ's Goodman Trust

(The following statement was released by the company)

WELLINGTON, Aug 19 - Goodman Group (Goodman) today announces that it has realised A$72 million from the partial sale of its interest in New Zealand listed Goodman Property Trust (GMT or Trust).

Goodman's interest has reduced from 28% to 17% with the completed sale of 93 million units to a number of institutional investors at NZ$0.95 per unit.

Group Chief Executive Officer, Greg Goodman said, "the Group's 17% holding in GMT is a long term investment position and is in line with our strategy of targeting 15-20% for investments in the Group's funds.

The units were placed with a number of leading institutions, following strong investor demand. It follows the recent announcement of the Group's $1.8 billion capital raising and further demonstrates continued strong investor confidence and support in GMT and the Group's managed fund platform."

The Group's interests continue to be aligned with those of its investors through the retention of a significant cornerstone investment. The sell down will assist Goodman to pursue its core operation of owning, developing and managing industrial property and business space in its key markets.

GMT is one of New Zealand's leading listed vehicles and the Group confirms its long-term commitment to this market.

John Dakin, Chief Executive Officer for GMT New Zealand said, "The Trust is performing well and it is extremely pleasing for Goodman in New Zealand to receive the strong support from these major investors. The Group's commitment to hold a 17% long term interest in GMT places us in the best possible position to continue delivering long-term value for investors."

The transaction does not have an impact on operating earnings guidance for FY10.