GPT’s Retail Sales at Front of Pack, but Important Apparel Category Getting Pinched by Online
As part of a third-quarter 2016 operating update, GPT reiterated 2016 guidance for growth in funds from operations, or FFO, of approximately 5.5% and distribution growth around 4%. As with peers, GPT (and its managed funds) remains active in moving capital around, investing AUD 157 million to increase its stake to 25.3% in the wholesale shopping centre fund (GWSCF), while GWSCF has put its 50% share in Westfield Woden up for sale (value around AUD 300 million). GPT also invested AUD 209 million ...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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