Commercial and residential property news
The GPT Group has paid $206.3 million for a one sixth interest in the massive Highpoint Shopping Centre, and adjacent Maribyrnong Homemaker Centre in Melbourne’s north-west.
Following a $1.7 billion equity raising in May, GPT will pay private Melbourne investors the Besen family $197.5 million for its interest in the centre, reflecting a very low 6 per cent capitalisation. Another $8.8 million is attributed to interest.
Read moreTHE GPT Group is continuing to offload its major hospitality assets, with resorts in Western Australia’s Kimberley region and the Northern Territory confirmed as sold.
United States based Delaware North has purchased GPT’s Great Barrier Reef resorts on Lizard Island, Heron Island and Wilson Island, as well as the Kings Canyon Resort in the Northern Territory and the El Questro Wilderness Park in Western Australia. Melbourne-based businessman Paul Van Min has snapped up the Silky Oaks Lodge in Queensland’s Daintree Forest.
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THE giant GPT Group is understood to be entertaining a plan to split its commercial property assets into two separate vehicles, designed to make the group look more appealing to investors, and improve the group’s negotiation position with banks.
The proposal will see Australian owned office towers and shopping centres managed by one fund, and a swag of “toxic” European assets (owned with failed investment group Babcock & Brown), managed by another fund.
The decision follows capital raisings to the tune of more than $1.7 billion, since GPT’s new chief executive and former banker Michael Cameron took the helm on May 1. In total the group has raised about $3.3 billion in the past 18 months.
Read moreThe GPT Group (“GPT”) is pleased to confirm the allotment of 718,294,466 stapled securities under the Retail Entitlement Offer today.
The Retail Entitlement Offer Shortfall was approximately 210 million stapled securities (or approximately $73 million), comprising 4.7% of the offer as a whole. All Retail Securityholders who applied for Additional New Securities, up to a cap of 25% of their entitlement, received the Additional New Securities they applied for, raising a total of approximately $27 million. Trading of these new securities will commence on 17 June 2009. The Retail Entitlement Offer which comprises both the New Securities allotted today and those allotted on 27 May 2009 raised approximately $300 million. The total number of stapled securities on offer following completion of the equity raising will be 9,277,584,743.
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Rouse Hill Town Centre has taken top honour at the 2009 Property Council of Australia Rider Levett Bucknall Awards for
Read moreThe GPT Group (GPT) today announced further progress in relation to the Group’s non core asset sales program, with an agreement to sell the Group’s interest in the Alliance portfolio (previously warehoused within the Hamburg Trust platform) to a syndicate of private investors. The portfolio was originally acquired to seed a closed end fund.
On completion of the sale, GPT will have sold approximately $650 million of non core assets since December 2008. This is in line with the Group’s strategy to exit non core portfolios and markets.
Read moreThe beleagured General Property Trust has sold three assets for $47 million.
Read moreFUND manager General Property Trust may need to find $200 million by July, if two co-owners of a Melbourne shopping centre, decide to sell its small share of the centre, to the beleagured group.
Read moreFORMER ST George Bank executive Michael Cameron has emerged as the possible next chief executive of the beleagured General Property Trust group. The Australian Financial Review reports GPT wants to appoint someone to the position before the groups’ annual general meeting in May.
Read moreFund manager General Property Trust says it is revising, not reviving, six-year-old plans for a central business district office building next to its Melbourne Central Tower, despite admitting agents have been promoting the building to tenants.
Read moreRouse Hill Town Centre combines the traditional values and streetscape of a contemporary market town with the latest in shopping, dining and lifestyle choices.
Read moreThings got worse for General Property Trust this week, after petroleum giant BP confirmed it wants out of the Melbourne Central office building, once its lease expires in 2011.
Read moreThe GPT Group is pleased to announce workplace6, an 18,000 sqm waterfront office complex in Pyrmont, Sydney, currently being developed by the Group in conjunction with the Citta Property Group, has been awarded the first 6 Star Green Star – Office Design v2 Certified Rating by the Green Building Council of Australia.
Read moreThe GPT Group is pleased to announce the establishment of GPT Halverton’s Dutch Active Fund (DAF), following the successful completion of the first equity raise for the Fund. A total of €83 million of equity was raised for the Fund, which attracted a number of institutional European investors.
Read moreThere’s more bad news ahead for General Property Trust, with another tenant wanting out of the former Australian Stock Exchange building at 530 Collins Street.
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DHL Supply Chain has secured Mattel to one of two standalone office/warehouses it recently pre-committed to in Melbourne. The 31,000
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ISPT and UniSuper, in a 50:50 partnership, have bought the largest Enterprise zoned site in the Western Sydney Aerotropolis region
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Three years after listing Melbourne’s biggest vacant Commercial 2 zoned site, Orica has sold it to UniSuper for $260 million
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Time & Place has been given the green light to develop a $200 million skyscraper incorporating the c1900 Lindrum Hotel
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A gateway industrial development site at the south west tip of the Western Sydney International Airport, which is under construction,
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Stockland has developed its first investment at Truganina’s $2 billion Melbourne Business Park following a pre-commitment by e-commerce giant New
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Fund manager Australian Unity with UniLodge and MaxCap have formed a $1 billion student accommodation mandate. To be seeded with
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The former Bunnings Wollongong has sold to Sydney outfit Level 33 for $40 million – a record high for a
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Daniel Besen – the son of Sussan co-founder, developer and philanthropist, Marc, and Eva, who died two years ago, has
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The country’s biggest processed meat producer, JBS Australia – an arm of JBS, controlled by Brazil based billionaire brothers Joesley
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King & Wood Mallesons has renewed its lease for 10,500 square metres – or about 12.5 per cent – of
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Ericsson will quit Docklands for the CBD – signing up for nearly three floors at Charter Hall and GIC’s 555
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PVH Brands, with trademarks including Calvin Klein, Tommy Hilfiger and Pierre Cardin, has leased a modern office/warehouse in a bulky
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Another asset forming part of the AMP Shopping Centre Fund – the management of which was recently taken over by
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Centennial has sold a former wrecking yard at Stapylton to Brisbane Isuzu which plans to occupy. In the Yatala Enterprise
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