This article is from the Australian Property Journal archive
GPT Group is circling the Highpoint Shopping Centre, but Sussan Corporation is not interested.
Yesterday GPT said a put option intention notice period for 2010 in relation to Highpoint Shopping Centre has expired.
Yet Sussan Corporation has not offered the opportunity to buy a further interest in the asset to the GPT Wholesale Shopping Centre Fund.
As a result GWSCF continues to hold 50% of the asset and GPT owns 16.67%.
Sussan Corporation through its subsidiary Highpoint Property Group still holds 33.33% after it gave GPT the option to buy a one third stake in March 2009.
The offer was originally made to GWSCF, however in June last year, the fund knocked back the option so it was passed to GPT.
In August, GPT exercised the option and bought a 16.67% interest in Highpoint Shopping Centre and the adjacent Maribyrnong Homemaker City Centre for $206.3 million (excluding acquisition costs).
GWSCF acquired its 50% stake in March 2006 for $620 million.
GPT yesterday said there is no further opportunity to put any interest in the asset to GWSCF until March 2011.
The put option expires in 2016.
Australian Property Journal
