GPT has sold its Brisbane homemaker centre, reinforcing its interest in logistics parks
July 3, 2013
The GPT Group (GPT) has sold its Brisbane homemaker centre to reinforce its interest in managing logistics and business parks, and office assets.
GPT today announced it has sold the Fortitude Valley centre for $103 million.
GPT is aiming for portfolio weightings of 15 percent for logistics and business parks, 35 percent office, and 50 percent for retail.
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.
According to GPT, it will continue to investigate more opportunities for investment in office, and logistics and business parks.
The sale price represents a one percent premium to GPT’s December 2012 book value, which reflects the capital expenditure
during the six months to June 2013.
Sale settlement is scheduled for July 31, 2013.