Citi sees tailwinds for Australia's GPT on strong retail leasing, demand

GPT

04/11/2024 22:16

** Citi upbeat on Australian property manager GPT Group  GPT.AX 
as retail sales are expected to edge higher on the back of
strong leasing spreads and rent increases
    ** Brokerage retains "buy" rating, price target of A$19.3
for GPT
    ** Says slight reduction in gross incentives offered to
tenants under GPT's office portfolio suggests improving leasing
conditions
    ** Brokerage says asset manager is growing its fund
management business and sees it as a medium-term growth driver
    ** Says GPT has benefited from strong demand in the
industrial sector, with 103,200 square meters leased in 2024
    ** Co's shares ended flat at A$4.710 on Monday, halting a
six-session losing streak
    ** Stock largely flat at 1.5% YTD, as of 2108 GMT
     

(Reporting by Kumar Tanishk in Bengaluru)
((mailto:Tanishk.Kumar@thomsonreuters.com))