GPT portfolio grows by $457m

GPTGPT Group have seen $457 million added to its office, retail and logistics portfolios as a result of an independent revaluing affecting 52 properties owned and managed by the group.

The increases amount to 3.7 per cent above the 31 December book value, equating to approximately 25 cents per security.

“The investment portfolio continues to deliver strong growth, most notably across our office portfolio, with an increase in market rents making a significant contribution to the overall valuation outcome,” said GPT CEO Bob Johnston.

“The revaluations recorded in the first half represent an increase of approximately 5 per cent on 31 December 2017 Net Tangible Assets per security of $5.04.”

Major contributors to the revaluation uplift included Westfield Penrith (up 6.4 per cent) in the Retail Portfolio, and Australia Square (up 17.3 per cent), 1 Farrer Place (up 11.9 per cent). 2 Park Street (up 10.2 per cent) and MLC Centre (up 8.1 per cent) in the Office portfolio.

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