GPT May Split Oz and European Assets, as Part of New Strategy
The new GPT strategy is expected to be announced next Thursday according to the AFR. The strategy follows speculation rival Stockand, which holds a 13 per cent interest in GPT, might have embarked on a merger with GPT, something that seems less likely now.
The proposal will see GPT own a $9.1 billion “quality” portfolio of Australian assets, and manage $5.3 billion in assets in its two Australia-focused wholesale funds, the GPT Wholesale Office Fund and GPT Wholesale Shopping Centre Fund.
A joint venture partnership managing $4.84 billion of “high risk” European industrial property, including $2.3 billion of German residential property, is expected to continue operating, and is likely to suffer more asset value write-downs, and upcoming debt requirements.
