This article is from the Australian Property Journal archive
GPT has denied speculation reported earlier this week that it is looking to sell some of its retails assets, including three to Lend Lease's Australian Prime Property Fund Retail.
GPT Wholesale Shopping Centre Fund’s fund manager Matthew Faddy told Australian Property Journal that the GWSCF’s nine properties are part of its core portfolio and not for sale.
He added that since the fund’s launch in March 2007 attracting strong support from institutional investors, GWSCF has performed well and is lowly geared.
Faddy said the fund enjoys a good relationship with APPF Retail over the management of Macarthur Square and are happy with the performance of the centre which is located in a growth corridor in southern western Sydney.
But he denied that APPF Retail have made an offer to acquire the asset.
“We have no intentions to divest any of the assets and there are no plans to,” he added.
GPT’s retail communications manager Samantha Taranto also said GPT is not selling its 50% stakes in Erina Fair in New South Wales’ central coast and Sunshine Plaza in Maroochydore, Queensland.
Taranto said only the homemaker (bulky goods) properties within the GPT retail portfolio is marked for divestment.
In GPT’s investment portfolio June quarter update GPT stated that the group intends to divest, over a period of time, a number of non-core assets from the retail portfolio, including the Homemaker City assets.
Taranto said GPT is not selling its core retail assets, including Sunshine Plaza and Erina Fair.
Australian Property Journal
