This article is from the Australian Property Journal archive
BUOYED by the strength of the office and logistic property markets, GPT has upgraded for FFO per security growth and distribution per security growth to 3.5% for the full year 2018.
GPT’s CEO Bob Johnston said the upgrade reflects the additional income arising from the recent purchase of the Eclipse office tower, and the stronger contribution from the office and logistics portfolio.
During the quarter, GPT acquired Eclipse Tower at 60 Station St Parramatta, for $277.6 million, reflecting an initial yield of 5.34%.
“The investment portfolio has continued to perform well, with occupancy remaining high. The group has made good progress on our new Sydney logistics developments, with Huntingwood 1B completed and fully leased, and terms agreed over half of the building at Eastern Creek,” he added.
During the quarter, GPT executed office leases for 36,017 sqm of space, taking the portfolio occupancy from 96.6% as at June 30 2018 to 97.5%.
In the retail portfolio, total centre comparable MAT growth increased from 2.3% to 3.4% over the same period. Combined retail specialty comparable MAT growth was 5.4% (4.4% at 30 June 2018). Retail specialty sales also strengthened to $11,495 per sqm from $11,404.
The logistics portfolio signed 66,776 sqm of new leases and occupancy increased to 96.7%, up slightly from 96.6% at 30 June 2018.
Australian Property Journal
