Besen May Sell Share of Highpoint, But Can Co-Owner GPT Afford it?
Melbourne’s prominent Besen family sold a half share of the Highpoint Shopping Centre to GPT in 2006, for just over $620 million. As part of that deal, the Besen family’s remaining portion of the shopping centre will be offered to GPT in six 8.3 per cent parts.
Two members of the Besen family have served notice they may sell their share – worth about $200 million – in July.
Question marks are circling the value of the Besen share, since the Global Financial Crisis has hacked commercial property values.
GPT has put about $1.9 billion of assets on the market recently, but has struggled to find buyers.
It has about $50 million remaining in a "standby credit" facility expiring this October, and a $300 million syndicated facility which expires in 2011, the Australian Financial Review has reported.
It’s been reported Highpoint is the country’s first best performing shopping centrte with revenues up 4.4 per cent last year to $767 million.
