The GPT Metro Office Fund (GMF or the Fund) today announces a $26.4 million or 6.4%1 increase in the value of its property portfolio, following an independent property revaluation process undertaken as at 31 March 2016. The increase in property values is primarily the result of a combination of income growth and tightening in capitalisation rates.
GMF decided to undertake an independent revaluation of all of the properties in the portfolio as at 31 March 2016, following receipt of an unsolicited, confidential, highly conditional and non-binding proposal to acquire all of the units in the Fund. In making this decision GMF was mindful of transaction evidence from recent metropolitan office building sales. The unsolicited proposal was subsequently withdrawn.
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