Corporate Action: Decent Acquisition but Don’t Subscribe to GPT’s SPP
Narrow-moat GPT Group is raising equity to buy stakes in office and retail assets in Sydney’s Cockle Bay. The equity that is being raised comprises an AUD 800 million underwritten institutional placement, in addition to a non-underwritten security purchase plan for retail investors capped at AUD 50 million. The placement is priced at AUD 6.07 per security, a 4% discount to the prior closing price. The SPP, which closes on July 15, is priced 2.2% lower at AUD 5.94, because SPP securities won’t be...GPT Group owns and manages a portfolio of Australian retail, office and logistics assets. Co. operating segments include: Retail, which owns, develops and manages regional and sub-regional shopping centers and its equity investment in GPT Wholesale Shopping Centre Fund; Office, which owns, develops and manages CBD office properties with some related retail space, and its equity investment in GPT Wholesale Office Fund; Logistics, which owns, develops and manages logistics and business park assets; and Funds Management, which manages two Australian wholesale property funds in the retail and office sectors. At Dec 31 2016, Co. had 13 shopping centers, 23 office assets and 24 logistics assets.
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