GPT Sells Half of MLC Tower at 3% Premium to Book; FVE Unchanged at AUD 5.40
GPT’s disposal of its 50% stake in the MLC office tower for AUD 800 million, a 3% premium to book value, is a good outcome. Our fair value estimate for narrow-moat-rated GPT remains at AUD 5.40, with the stock screening as overvalued currently trading around AUD 6.20.The main benefit for GPT is the ability to redeploy the capital released from a low-yielding and sharply priced prime Sydney CBD office asset into other assets with superior long-term growth prospects. Initially capital will be use...
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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