Australia's GPT Group rises on partnership deal with QuadReal

GPT

16/05/2025 05:44

** Shares of GPT Group GPT.AX rise 2.8% to A$4.76, their biggest intraday percentage gain since April 10

** The retail assets operator and QuadReal announced on Thursday a A$1 billion ($642.40 million) Australian logistics partnership

** The partnership will help establish a joint venture, which will serve as the primary vehicle for QuadReal to scale its Australian logistics investments, and will be operated and managed by GPT, adds co

** QuadReal's total commitment for an 80% stake in the partnership is A$400 million, says co

** Stock up 6% this year, as of last close

($1 = 1.5567 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)

 ((Sherin.Sunny@thomsonreuters.com;))