Australia's GPT aiming to boost equity through funds management, says Citi

GPT

20/03/2025 01:29

** Vertically-integrated diversified property firm GPT Group GPT.AX rises 1.9% to A$4.36

** Citi notes media report that co's peer LendLease LLC.AX released management rights of two of its shopping malls to GPT

** Says deal part of GPT's shift towards higher overall return on equity through funds management business, a focus of co's current management

** GPT says management rights will allow co to secure income from the two malls - Sunshine Plaza and Macarthur Square, further expanding its retail footprint

** Brokerage retains "buy", PT of A$5

** YTD, GPT down 0.2%

($1 = A$1.5795)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))