GPT Group Concluded liquidity review process for GWSCF

Concluded liquidity review process for GWSCF: GPT Group has recently concluded its liquidity review process for the GPT Wholesale Shopping Centre Fund (GWSCF) while reporting about liquidity requests for 78.5 million securities (2.4% of issued capital), during the liquidity review process. GPT has purchased around $116.6 million in securities in GWSCF and its purchase led to an increase in the group’s interest in the Fund from 25.3% to 28.9%. In 2016, GPT reported growth in Funds from Operations of 5.6% at the back of a high-quality portfolio, diversified across the three asset classes of Retail, Office and Logistics. The strong portfolio performance and strong demand for assets delivered revaluation gains of $612 million. GPT has also completed the redevelopment of Macarthur Square (50% owned by GWSCF) in the March 2017 quarter. The group has a strong capital position with gearing of 24.9% as at March 31, 2017. GPT aims to achieve FFO per security growth of 2% for full year 2017. On the other hand, lower retail sales owing to weaker currency and consumer spending seem to offset effects from rising property prices. GPT has highlighted for headwinds from retailer profitability.

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