Page 54 - GMT and GMT Bond Issuer Annual Report 2017 v2

NOTES TO THE
10. RELATED PARTY DISCLOSURES (CONTINUED)
10.1 Transactions with related parties other than WPHL
Related party
GNZ GNZ GPSNZ GPSNZ GPSNZ GPSNZ GPSNZ
GPSNZ
FINANCIAL
Recorded Capitalised Outstanding
STATEMENTS
$ million
Manager’s base fee
Manager’s performance fee Property management fees (1) Leasing fees
Acquisition and disposal fees Minor project fees
Development management fees
Total fees
Reimbursement of expenses for services provided
Total reimbursements
Stabilised property acquisition – Fonterra Centre Land acquisition – Savill Link
Total capital transactions
2017
(9.4) -
(3.4) (1.3) (2.0) (1.1) (6.3)
(23.5)
(1.7)
(1.7)
2016 2017 2016
(8.0) 1.7 1.7 - - - (3.4) - - (1.9) - - (1.6) - - (0.8) 1.1 0.8 (3.8) 6.3 3.8
(19.5) 9.1 6.3
(1.1) 0.1 -
(1.1) 0.1 -
2017 2016
(5.0) (4.3) - -
(0.3) (0.3) (0.1) (0.5) (1.2) -
- (0.1) (0.4) (0.2)
(7.0) (5.4)
(0.1) -
(0.1) -
continued
For the year ended 31 March 2017
GWP
GIT (1.5)
(1.5)
-
(88.2) - - --
(3.0) 1.5 3.0
(91.2) 1.5 3.0
- (3.0)
- (3.0)
(1) Of the property management fees charged by GPSNZ, $3.3 million was paid by customers and was not a cost borne by GMT (2016: $3.2 million). 10.2 Transactions with WPHL
$ million
Stabilised property disposal – Fonterra Centre Investment in joint venture
Repayments from / (advances to) joint venture Interest income received from joint venture Funding fee received from joint venture Dividends received from joint venture
Related party
WPHL WPHL WPHL WPHL WPHL WPHL
2017 2016
- - - - - - - - - - - -
2017 2016
- -
- - 18.4 23.5 0.3 - 1.9 0.6 - -
Advances to WPHL are unsecured and subordinated to WPHL’s bank debt. They are repayable on demand and incur a market rate of interest for advances of this type.
Recorded
2017 2016
- 88.4 (5.1) -
5.1 (23.5) 1.5 0.3 1.3 0.6 4.6 -
Capitalised Outstanding
SUBSEQUENT EVENTS
Advances to the joint venture of $67.0 million were provided in April and May 2017 to enable WPHL to repay $45.0 million of maturing bank borrowings and settle the acquisition of the Datacom building for $86.2 million.
In May 2017, the joint venture agreed to acquire Bayleys House in VXV Precinct, Auckland for $62.3 million from Goodman (Wynyard Precinct) Limited, an entity related to Goodman (NZ) Limited, the Manager of GMT. The acquisition, which remains conditional on the approval of the freehold land owner, is expected to settle in June 2017.
GOODMAN PROPERTY TRUST ANNUAL REPORT 2017 FINANCIAL STATEMENTS
52 NOTES TO THE FINANCIAL STATEMENTS