GPT Group
(ASX:GPT) has boosted its real estate assets with its acquisition of a 50 per cent share in Melbourne's Northland Shopping Centre for $496 million.
CEO and Managing Director Michael Cameron says the acquisition is an excellent outcome and improves the quality of its wholesale shopping centre business.
GPT expects the transaction to settle at the end of April this year.
The property company has broad reach that encompasses logistics and business parks as well as its extensive real estate under management.
GPT Group reported a net profit of $571.5 million in the full 2013 calendar year.
