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.