Property investor GPT Group Ltd
(ASX:GPT) says it is in no hurry to offload almost $700 million worth of non-core assets in Australia and the US for at least another year.
CEO Michael Cameron has told Dow Jones Newswires that the real estate investment trust has sold over $1 billion of assets in the past 18 months and launched two equity raisings worth a total $3.3 billion.
Mr Cameron says the selldown was necessary due to the downturn in global property markets and the company’s heavy debt burden.
With market conditions improving, Mr Cameron says GPT is not actively marketing the $300 million Ayers Rock Resort in the Northern Territory.
Nor is it advertising its US seniors housing portfolio worth $152 million, or the remaining malls in its $222 million Australian Homemaker City portfolio.
Mr Cameron says the assets are still for sale but the company will probably hold onto them for another year or two.
The company has over $2.5 billion in excess funding with which to make further potential acquisitions and will focus this year on the domestic property market.
In 2009, GPT Group reported a loss of just over $1.069 billion.
