GPT Group Reveals $1.2bn Retail Expansion with Qld, NSW Buys

The assets are being acquired from the Lendlease managed Australian Prime Property Fund – Retail in a transaction aligned with independent valuations.

The deal comprises $622 million for the Sunshine Plaza interest and $568 million for the Macarthur Square interest, excluding transaction costs.

On completion, GPT and the wholesale fund will each own 50 per cent of Sunshine Plaza, while the fund will hold 100 per cent ownership of Macarthur Square.

The combined assets comprise about 214,000sq m of gross lettable area and are dominant retail, leisure and entertainment centres in their respective trade areas.

Funding for the acquisitions will be drawn from the fund’s oversubscribed equity raise and existing debt capacity.

Settlement of both transactions is expected in July of next year, subject to customary conditions and regulatory approvals.

▲ Macarthur Square at Campbelltown, one of two retail assets GPT has acquired from Lendlease.

GPT Wholesale Shopping Centre Fund manager David Sleet said the acquisitions significantly enhanced the fund’s scale, diversification and exposure to resilient income streams supported by population growth.

GPT chief executive officer and managing director Russell Proutt said the transaction supported the group’s strategy of expanding its investment management platform through aligned partnerships.

The deal underscores ongoing institutional demand for large, dominant retail assets in high-growth Australian population corridors.

GPT Group is one of Australia’s largest diversified Real Estate Investment Trusts, managing more than $39 billion in assets.