GPT Group’s Wholesale Shopping Centre Fund is acquiring a 50% interest in retail assets across Queensland and New South Wales in a deal valued at $1.2 billion. The transaction covers $622 million for Sunshine Plaza in Queensland and $568 million for Macarthur Square in New South Wales.
Once the deal completes, GPT Group and the wholesale fund will each hold 50% of Sunshine Plaza. The fund will own Macarthur Square outright.
Settlement is targeted for July, subject to standard regulatory and transactional approvals.
Funding for the acquisition comes from a mix of fresh equity raised within the Wholesale Shopping Centre Fund and its existing debt capacity.
GPT Group will not just be a capital partner on these assets, it will keep running leasing, property management and development management services for both centres. That structure means GPT Group continues to earn fee income while the wholesale fund holds the underlying ownership.
