GPT to purchase five Logistics assets in Sydney for $212 million

Company News

by Anna Napoli

GPT Group (ASX:GPT) has today announced that it has exchanged contracts for the purchase of five prime Logistics properties for a total amount of $212 million.

The assets are all located in Sydney and have a total lettable area of 88,200 square metres, a combined weighted average lease expiry (WALE) of 8.6 years and initial passing yield of 5.4 per cent.

The Group has also commenced a 26,000 square metre logistics development at Truganina in Melbourne’s west and has secured a Heads of Agreement for a ten year lease over a new 20,500 square metre logistics development at Berrinba, Brisbane.

GPT’s Chief Executive Officer Bob Johnston says these acquisitions and developments are consistent with GPT’s strategy to grow its position in the Logistics sector.

Shares in GPT Group (ASX:GPT) are trading 0.74 per cent lower at $6.02.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.