GPT Group acquires 50% stake in Queensland, NSW shopping centres for $1.2b
Make us a preferred source
Make us a preferred source on Google
The news: Diversified real estate investment trust GPT Group has acquired a 50% stake across shopping centres in Queensland and New South Wales totalling $1.2 billion, through its Wholesale Shopping Centre Fund (GWSCF).
The context: The acquisition includes $622 million for Queensland’s Sunshine Plaza and $568 million for Macarthur Square in New South Wales.
On completion, GPT and GWSCF will each own a 50% stake in Sunshine Plaza, while GWSCF will wholly own Macarthur Square.
The acquisition costs will be funded through the fund’s equity raise and available debt capacity, with settlement expected by July, subject to customary approvals. The group will continue to provide leasing, property and development management services for both centres.
What they said: “These acquisitions are consistent with GPT’s strategy to grow our investment management through aligned partnerships,” GPT CEO Russell Proutt said.
The source: ASX
