The GPT Group
(ASX:GPT) will pay $157 million to purchase 164.2 million securities in the GPT Wholesale Shopping Centre Fund.
This purchase will increase the Group’s interest in the Fund from 20.2% to 25.3%.
The GPT Group sees this increased investment as a way to boost its exposure to a high quality retail portfolio – seeing as the Fund owns a number of strong performing shopping centres such as the Highpoint Shopping Centre and Macarthur Square.
GPT’s purchase will be debt funded from existing facilities, and the all-in cost of funds for the purchase will be around 3.3%.
GPT reported a net profit of $586.4 million at 30 June 2016.
