GPT Group Provides March 2018 Quarter Operational Update

The GPT Group announced its operational update for the March 2018 quarter.

“The Group has made a strong start to the year across all areas of the business,” Mr Johnston said

“The performance of the Retail portfolio continues to demonstrate both the quality of the portfolio and the successful outcomes achieved by the management team.”

“The Group has continued to build on the leasing success established in 2017 in both the Office and Logistics portfolios, and is making good progress on key development opportunities.”

The Group notes that the $420 million expansion of Sunshine Plaza has been impacted by significant wet weather during the quarter. As a result, the project is now expected to open on a staged basis commencing in late 2018, with completion in the second quarter of 2019.

Key Highlights

  • Total Centre comparable MAT growth of 2.1 per cent (+1.7 per cent at 31 December 2017)
  • Combined Specialty and Mini-Major comparable MAT growth of 3.9 per cent (+3.1 per cent at 31 December 2017)
  • Retail specialty sales of $11,307 per square metre (psqm) at 31 March ($11,185 psqm at 31 December 2017)
  • Total Office leasing of 47,000sqm signed or at Heads of Agreement (HoA) during the quarter, and occupancy of 96.0 per cent
  • Total Logistics leasing of 34,100sqm signed or at Heads of Agreement (HoA) during the quarter, and occupancy of 96.5 per cent
  • Acquisition of Sunshine Business Park, Melbourne, for $74 million, representing an initial yield of 6.1 per cent
  • Development consent granted for a proposed office development at 32 Smith Street, Parramatta

Building on the strong debt capital markets activity of 2017, GPT continued to diversify funding sources and extend tenor with the issue of a A$90 million Hong Kong Dollar Medium Term Note (MTN). The MTN was issued for a term of 13 years at an all-in margin of 137 basis points over BBSW once swapped back into Australian dollars. At quarter-end, GPT’s weighted average debt term was 6.8 years.


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