Hi winner69. Your suspicions will always serve you well. You can see the Forsyth Barr analyst thinks unitholders will be paying a very high price. However, the GMT business is high quality and well-managed. When PFI internalised, I thought the price was high, but PFI is similarly high quality and well-managed. The big difference is that PFI's management contract owners wanted to exit. Goodman is taking payment in new units, so no cash outlay for unitholders, and it has pledged to help seed the new fund with $200m. So effectively, Goodman is investing about another $500m. I thought that the group having to pay the trust management fees on the new fund was a nice touch, too.
Given Goodman's track record, I'm inclined to think this is likely to work out well for unitholders.