GPT placement raises $800 million

Fund manager GPT Group has raised $800 million through an institutional placement on the Australian Securities Exchange which it says it will use to fund investment in Sydney waterfront commercial property and to expand its holdings in the logistics sector.

GPT said the equity raising would support various projects, including the proposed acquisition of a further 25 per cent interest in the Darling Park 1 and 2 office complex and Cockle Bay Wharf office and dining development in Sydney’s Darling Harbour.

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The acquisition would also give GPT a 25 per cent interest in the proposed Cockle Bay Park development, which recently received a Stage 1 planning approval to add more office accommodation, retail and entertainment space to the precinct, the West Australian reports.

GPT said it was overwhelmed by the level of support for the placement, from both institutional security holders and new investors.

“It’s not often you get to acquire a position in a premium site like this on a negotiated basis, so it’s a fantastic opportunity,” chief executive Bob Johnston told the Australian Financial Review.

A smaller portion of the raising will be directed into GPT’s logistics pipeline, into which it has been pouring resources over the past year. This April it began speculative development of a 26,000sqm facility in Melbourne’s west, and further projects are under way for Sydney and Brisbane, the AFR reported at that time.

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