Property concern GPT Group continues to give transport and logistics its vote of confidence
July 4, 2013
Property concern GPT Group continues to give transport and logistics its vote of confidence.
The Sydney-headquartered firm has sold its Brisbane homemaker centre to reinforce its interest in managing logistics and business parks, and office assets.
GPT is aiming for portfolio weightings of 15 percent for logistics and business parks and 35 percent for office space while reducing retail to 50 percent.
The company
says its Fortitude Valley centre fetched $103 million.
GPT Head of Investment Management Carmel Hourigan says the sale completes divestment in the group’s Brisbane homemaker portfolio, which included two centres at Aspley and Jindalee sold for $91.7 million earlier this year.
“The sale of these non-core assets further strengthens the quality of the retail portfolio and supports GPT’s portfolio reweighting strategy,” Hourigan says.
In the past year, GPT has carried out its reweighting strategy, moving retail from 61 percent of the portfolio to around 54 percent, inclusive of the latest transaction.
GPT says
it will continue to investigate more opportunities for investment in office, and logistics and business parks.
