GPT Sells Alliance Portfolio for $US72 Million
GPT’s balance sheet gearing, post the completion of the sale, will be less than 20% (on a pro forma basis).
The Alliance portfolio comprises 1,208 residential apartments located in Texas and Florida, USA with a carrying value of US$81.5 million as at 31 December 2008. The sale price, of US$72 million, is equivalent to the value of the debt secured against the portfolio at 31 December 2008, and represents a 12% discount to December book value.
Michael Cameron, Chief Executive Officer said: “This is a further step in achieving good progress on our sale of non core assets.”
