Fund manager GPT Group’s diversified property portfolio has received a $457 million gain, aided by Sydney’s booming office market, representing a 3.7 per cent lift on the overall valuation of GPT’s portfolio.
“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 chief executive Bob Johnston.
Australia Square was one of the biggest winners which landed a 17.3 per cent revaluation gain. Australia Square is jointly owned by GPT and Dexus.
Other CBD properties that also benefited include 1 Farrer Place, in which GPT has a 25 per cent stake. It booked an 11.9 per cent gain while 2 Park Street’s valuation was up 10.2 per cent. GPT’s stake in the MLC Centre also recorded a huge valuation gain which came after Dexus paid $722 million for a half-stake last year on a 4.5 per cent yield.
Image and article source: https://www.afr.com/real-estate/sydney-office-boom-delivers-windfall-to-gpt-portfolio-20180730-h13aub
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