The GPT Group has agreed to acquire 50 per cent interests in Queensland‘s Sunshine Plaza and NSW’s Macarthur Square from Lendlease in a $1.2 billion transaction.
The acquisitions, made via the GPT Wholesale Shopping Centre Fund (GWSCF), comprise $622 million for the Sunshine Plaza interest and $568 million for the Macarthur Square interest.
Upon completion, GPT and GWSCF will each own a 50 per cent stake in Sunshine Plaza, and GWSCF will own 100 per cent of Macarthur Square.
Each of the two centres boasts approximately 107,000sqm of GLA, making them the largest retail, leisure and entertainment destination in their respective trade areas.
Settlement of both transactions is expected during July. GPT will continue to provide leasing, property and development management services for both centres.
“These acquisitions are consistent with GPT’s strategy to grow our investment management platform through aligned partnerships,” said Russell Proutt, GPT’s CEO and MD.
“We look forward to partnering with GWSCF at Sunshine Plaza, and to further leverage the group’s operational capabilities to optimise returns for GWSCF investors and GPT securityholders at both assets.”
GWSCF will fund the acquisitions through the proceeds of its recent over-subscribed equity raise and available debt capacity.
David Sleet, GWSCF’s fund manager, said that the deal will materially increase the fund’s diversification and scale.
“These dominant, super-regional centres in two of Australia’s fastest-growing catchments enjoy sustained population growth and resilient, everyday spending which underpins durable, inflation-linked property income,” he added.
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