Sunshine Plaza’s ownership structure is set to change after a $622 million deal was struck for a 50 per cent stake in the Sunshine Coast’s biggest shopping centre.
The GPT Group announced that the GPT Wholesale Shopping Centre Fund has agreed to acquire a 50 per cent interest in the retail hub at Maroochydore and a 50 per cent interest in Macarthur Square in western Sydney, from the Lendlease managed Australian Prime Property Fund – Retail.
The acquisitions, worth a combined $1.19 billion, comprise $622 million for the Sunshine Plaza interest and $568 million for the Macarthur Square interest, excluding transaction costs.
On completion, GPT and GWSCF will each own a 50 per cent interest in Sunshine Plaza, and GWSCF will wholly own Macarthur Square.
An ASX announcement by GPT stated that each asset comprises about 107,000sqm of gross lettable area, and they are the largest retail, leisure and entertainment destinations in their areas.
GWSCF will fund the acquisitions through the proceeds of its recent over-subscribed equity raise and available debt capacity. Settlement of both transactions is expected in July and is subject to customary conditions and approvals.
GPT will continue to provide leasing, property and development management services for both centres.
GWSCF fund manager David Sleet said the acquisitions were significant.
“Acquiring these interests materially increases GWSCF’s diversification and scale, responding to the Fund’s growing investor base,” he said.
“These dominant, super-regional centres in two of Australia’s fastest-growing catchments enjoy sustained population growth and resilient, everyday spending which underpins durable, inflation-linked property income.”
GPT chief executive officer and managing director Russell Proutt said the sales would be a major move.
“These acquisitions are consistent with GPT’s strategy to grow our investment management platform through aligned partnerships,” he said.
“We look forward to partnering with GWSCF at Sunshine Plaza, and to further leverage the Group’s operational capabilities to optimise returns for GWSCF investors and GPT securityholders at both assets.”
Sunshine Coast News has asked GPT Group what the sale would mean for customers and is awaiting a response.
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