T&G sells its 5.8 ha Mt Wellington site in prepara
12 September 2019 - Media Release - Fresh Plaza
T&G Global Limited (formerly Turners and Growers), one of the largest fresh produce companies in New Zealand and one of the largest exporters of apples to the world, is selling its Mt Wellington site as the company mobilizes for growth.
The 5.8 ha Mt Wellington site is being sold to Goodman Property Trust for $65 million as part of the company’s strategy to re-direct capital to support future growth of the kiwi-based business, which has offices in 13 countries.
The site, located in the heart of Mt Wellington, is bound by the Southern Motorway, and zoned light industry, offering a strategic location and investment opportunity for Goodman Property Trust, another NZX listed entity.
T&G will lease back the site for a period of up to four years while it looks at options for the future including developing a purpose-built facility where it can better service the needs of customers, growers and its people in the future.
The sale of the site is an opportunity to grow the business, forge efficiencies and accommodate future growth.
“It’s important we continue to get closer to our customers. The time is right to sell and reinvest in our assets for future growth of our business,” says T&G Global CEO, Gareth Edgecombe.
“Our vision is to be the world’s leading premium fresh produce company and our facilities need to reflect the future needs of the business,” he says.
“We’re excited about the future and the fast pace of change in our industry. Our customers and growers are demanding change and we’re ready to take on the challenges.”
“Food safety, automation of warehouse distribution operations, supply chain efficiencies and the health and safety for our people, growers and customers, will be drivers of our future success. Working together in a centralized, fit for purpose facility will be a significant improvement to how our people engage together.”
Edgecombe says he is confident that the new owners, a leading industrial property provider, will unlock the full potential of the valued site.
The company is currently looking at options for the location of the new facility and will work through those options over the next few months.
For now, it’s business as usual at the Mt Wellington site for T&G Global, as options for future sites are assessed.
For more information:
Tel: +64 27 564 7436