Australia Commerical Real Estate

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#62
Now the Yanks are coming as well...

GPT sells Forestway centre to US funds giant Invesco

Ben Wilmot
[Image: ben_wilmot.png]
Commercial Property Editor
Sydney


[Image: 558904-98ecdc2e-8bf2-11e5-aeb4-355430273bb1.jpg]
GPT will use the proceeds from the sale of the Forestway centre to pay down debt.Source: News Corp Australia
[b]US funds giant Invesco Asset Management has bought the Forestway Shopping Centre in Sydney from the GPT Wholesale Shopping Centre Fund for $112 million.[/b]
The sale was struck at a price representing an initial yield of 5.97 per cent and is a 20 per cent premium to the asset’s June 30 2015 book value.
GPT’s shopping centre fund manager Michelle Tierney said there had been strong interest in the Frenchs Forest asset and the sale reflected that demand.
“The fund is very pleased with the result, having capitalised on the recent investor demand for
neighbourhood shopping centres,” Ms Tierney said.
“The proceeds from the sale of this non-core asset will initially be used to pay down debt.”
Colliers International’s Lachlan MacGillivray acted for GPT on the transaction.
Invesco is also closing in on the purchase of an office tower in Sydney’s central business district.
It has agreed to buy the King Street tower that houses the Apple store in a deal worth about $150 million.
The deal on the tower on the corner of King and George streets could see a rare off-market trade of an A-grade tower in the heart of the city.
The building, 77 King Street, houses the glass-box Apple store. But this is owned separately. Invesco has declined to comment on the King Street deal.
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RE: Australia Commerical Real Estate - by greengiraffe - 16-11-2015, 11:50 AM

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