GPT spends $1.2b on shopping centre stakes
GPT on behalf of the Wholesale Shopping Centre Fund, has agreed to acquire half stakes in two regional malls from the Lendlease-managed Australian Prime Property Fund Retail – outlaying $1.19 billion.
In the biggest deal, the fund is paying $622 million for the share in Sunshine Plaza at Maroochydore.
The transaction will leave GPT and the fund as equal owners.
Developed in 1994 and substantially expanded in 2019, it contains about 107,000 square metres anchored by Big W, Coles, David Jones, Kmart, Myer, Target and Woolworths.
There is also a 12-screen Birch Carroll & Coyle cinema, more than 300 specialty stores and almost 5000 car parks.
The centre underwent a $440 million redevelopment completed in 2019.
GPT seizes full ownership of Macarthur Square
Meanwhile the GPT Wholesale Shopping Centre Fund is paying $568m for a half stake in Macarthur Square at Campbelltown.
The acquisition brings the vehicle’s ownership to 100 per cent (continues below).
Also with 107,000 sqm, it is anchored by Aldi, Big W, Coles, David Joes, Event Cinemas and Woolworths.
It also underwent a major renovation, in 2017, worth $240m.
The centre opened in 1979 as a joint venture involving GPT and Lendlease interests and has remained associated with both groups since.
GPT took over management of both centres in 2025 following a restructuring of the Australian Prime Property Fund Retail portfolio.
The wholesale fund will finance the acquisitions with proceeds from a recent capital raising and debt facilities.
Settlement is expected next month.
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