GPT Group to up stake in Darling Park, Cockle Bay Wharf & raise $800m

Company News

by Jessica Amir

The GPT Group (ASX:GPT) has launched a $850 million capital raise as part of ramping up its property purchases.

The property group also announced plans to buy 25 per cent of the Darling Park 1 and 2 office complex and Cockle Bay Wharf, Sydney, for $531 million.

The deal will take GPT’s total take (including its holding from GPT Wholesale Office Fund) to 75 per cent of the Darling Park 1 and 2 offices and Cockle Bay Wharf complex.

As part of the capital raise, GPT plans to raise $800 million via an underwritten institutional placement, and $50 million through a shares purchase plan.

The proceeds will also be used to fund the next stage GPT’s development pipeline across the office and logistics sectors and it will also ensure the entity has capacity to continue to make future investments.

GPT recently acquired a $212 million portfolio of logistics properties in Sydney and it’s on track with its $266 million office development at 32 Smith Street, Parramatta.

Shares The GPT Group (ASX:GPT) last traded at $6.33.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.