GPT Group
(ASX:GPT) has sold its 50 per cent interest in the Erina Fair shopping centre for $397.1 million.
GPT’s stake in the shopping centre was sold to a client of Lend Lease Investment Management at a one per cent premium to GPT’s December 2012 value.
Australian Prime Property Fund owns the remaining 50 per cent of the asset, which is managed by Lend Lease.
CEO and Managing Director Michael Cameron says the sale is part of GPT’s portfolio re-weighting strategy.
He says GPT plans to move retail from 61 per cent of the portfolio to 54 per cent as part of its strategy to focus more on office investments.
GPT generated a net profit of $594.5 million in its 2012 financial year.
