Australia's GPT Group to expand retail property portfolio in $850 million deal (updated)

GPT

15/06/2026 24:16

Updates with further details from paragraph 3 onwards
June 15 (Reuters) - Australia's GPT Group GPT.AX said on Monday its GPT Wholesale Shopping Centre Fund would acquire stakes in two major shopping centres from the Lendlease-managed LLC.AX Australian Prime Property Fund - Retail in a A$1.2 billion ($850 million) deal.
Under the agreement, the GPT fund will acquire a 50% interest in Sunshine Plaza in Queensland for A$622 million and a 50% interest in Macarthur Square in New South Wales for A$568 million, excluding transaction costs and in line with independent valuations.
Following completion, GPT and the wholesale fund will each hold a 50% stake in Sunshine Plaza, while the fund will take full ownership of Macarthur Square, it said.
    The two assets are super-regional shopping centres spanning about 107,000 square metres (1.15 million square feet) each and serve as major retail, leisure and entertainment hubs in their respective catchment areas.
GPT said the acquisitions would be funded through proceeds from the fund's recently completed oversubscribed equity raising and existing debt capacity.
Settlement of both transactions is expected in July and remains subject to customary conditions and approvals, GPT added. 
($1 = 1.4132 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Jamie Freed)
 ((Roshan.Thomas@thomsonreuters.com;))