We’re excited to announce the establishment of a new retail partnership with The Perron Group, which involves us acquiring a 50% interest in two premium Perth retail assets, Cockburn Gateway and Belmont Forum, for approximately $482 million. GPT’s Chief Executive Officer and Managing Director Russell Proutt said: “This is an exciting partnership which further expands our $14 billion portfolio of retail assets with two centres that are top performing in their respective trade areas and extremely well positioned, in catchments with strong population growth and favourable demographics. “Our investment is consistent with GPT’s strategy to build and diversify the Group’s management platform, in alignment with like-minded investment partners. This acquisition will leverage the Group’s outstanding retail operational capability to drive asset performance and pursue compelling development opportunities.” The two shopping centres offer approximately 119,000 square metres (sqm) of gross lettable area and a combined Moving Annual Turnover of more than $1 billion. Development approval has been secured for a 20-year transformation project at Cockburn Gateway, with Stage 1 having the potential for approximately 20,000sqm of incremental retail in the near term. For more details: https://lnkd.in/gZYwagME
Many Congratulations GPT.
Incredible retail partnership milestone—congratulations to all involved!
Sales Manager - Automated Parking Systems
2moCongratulation on the new retail partnership between The GPT Group and Perron Group, this is a fantastic update and amazing news. Should you need any assistance with Car Park Access Control across your portfolio, please reach out.