Allens acts for The GPT Group on A$25.2 million sale
20 April 2010
Allens Arthur Robinson (Allens) has advised The GPT Group (GPT), one of Australia's largest diversified listed property groups, on its sale of Homemaker City Bankstown to Baycrown Pty Limited, a private Gold Coast property investment and development company, for $25.2 million.
Allens Partner Nicholas Cowie, with Senior Associate Teresa Lusi and Lawyer Kim Manns, advised GPT on the transaction, which reflects GPT's strategy of selling down non-core assets.
'Disposal of the bulky goods-style Homemaker portfolio will allow The GPT Group to focus on the active ownership of its 'blue ribbon' retail, office and industrial/business park portfolios,' said Mr Cowie.
'Allens has worked with GPT on a number of significant transactions – both sales and acquisitions – over the past year to fulfil this strategy. We are very pleased to have worked again with GPT in the implementation of its capital management initiatives,' Mr Cowie added.
Completion of the sale of Homemaker City Bankstown will bring GPT's non-core asset sales, including exit from overseas operations, to around $1.1 billion over the past 12 to 18 months.
Ends
| Allens legal team | Nicholas Cowie (Partner – Sydney), Teresa Lusi (Senior Associate – Sydney) and Kim Manns (Lawyer – Sydney) |
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors..
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
