Page 39 - GMT and GMT Bond Issuer Annual Report 2017 v2

NOTES TO THE
1. INVESTMENTPROPERTY(CONTINUED)
FINANCIAL
1.9
2017
Investment property contracted for sale
$ million
Carrying value 2016
40.9 2.9 - -
43.8
Carrying value 2015
- -
-
Transfers Net in expenditure
- -
- - 195.9 - 8.5 -
204.4 -
$ million
STATEMENTS
Connect Office, Penrose
Connect Industrial Estate, Penrose Millennium Centre, Greenlane Glassworks, Christchurch
Total investment property contracted for sale
2016
Connect Office, Penrose
Connect Industrial Estate, Penrose
Total investment property contracted for sale
1.10 Construction loan
Fair value
movement Settlements
- (40.9)
- (2.9) 14.1 (210.0)
(0.8) -
13.3 (253.8)
Carrying value 2017
- - -
7.7
7.7
Carrying value 2017
40.9 2.9
43.8
continued
For the year ended 31 March 2017
Transfers Net in expenditure
32.4 1.5 2.4 0.2
34.8 1.7
Fair value
movement Settlements
7.0 - 0.3 -
7.3 -
ACCOUNTING POLICIES
Investment property contracted for sale is recorded at the contracted sale price, with this being the best indicator of fair value.
A construction loan has been provided by GMT to The Fletcher Construction Company (Fanshawe Street) Limited, whose ultimate parent is Fletcher Building Limited. The advances made are used to fund the development of the Datacom building to be acquired by a subsidiary of the Trust’s joint venture, Wynyard Precinct Holdings Limited. Acquisition will be on completion, expected to be in May 2017, at which time the loan will be repaid. The loan incurs a market rate of interest for a loan of its type. This loan is guaranteed by Fletcher Building Limited.
SUBSEQUENT EVENT
On 12 May 2017 the construction loan was repaid by The Fletcher Construction Company (Fanshawe Street) Limited.
GOODMAN PROPERTY TRUST ANNUAL REPORT 2017 FINANCIAL STATEMENTS
37 NOTES TO THE FINANCIAL STATEMENTS