Image Source: © Philldanze | Megapixl.com
- GPT finalised the sale of Rosehill and Citiport Business Parks on 24 November 2022.
- Shares of GPT were reacting negatively to the news, down 0.344% at 10:51 AM AEDT, 25 November.
On 24 November 2022, Australian real estate company The GPT Group (ASX:GPT) announced via an ASX filing that it has confirmed the sale of two of its logistics assets. The sale contracts were signed off for AU$256.2 million for the assets Rosehill Business Park and Citiport Business Park, situated in Camelia, New South Wales and Port Melbourne, Victoria, respectively.
The GPT Group anticipates settling this transaction by the beginning of 2023. The company has indicated to utilise capital proceedings from this sale to pay off the company’s debt.
According to the ASX release, the quoted sale price represents a 9% premium above the assets’ net value as of 31 December 2021 while being equal to the 1.5% discounted value of both assets as of 30 June 2022.
Shares of Australian property group were heading south following the announcement of the logistics assets sale. One share of GPT was valued at AU$4.335 with a loss of 0.344% as of 10:51 AM AEDT, 25 November.
While GPT’s shares were declining, the benchmark S&P/ASX 200 Real Estate sector gained 3.4 points, totalling 3,104.4 points around the same time.
Following today’s negative performance, The GPT Group’s share value has increased by 0.35% in the last five trading sessions while leaping 7.57% in a month. However, shares of GPT have dropped 21.61% on a year-to-date (YTD) basis and 19.57% over the course of a year.
Earlier this month, The GPT Group published its Q3 FY22 operational update on the ASX. Let’s look at the key takeaways below:
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