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Allens acts for GPT on A$100 million sale of shopping centre

4 June 2009

Allens Arthur Robinson (Allens) has acted for GPT RE Limited (GPT), one of Australia’s largest diversified listed property groups, in relation to the transaction for the sale of the Floreat Forum shopping centre to Australasian Property Investments Pty Limited, a private Perth property investment and development company.

The sale price for the shopping centre, based in the suburb of Floreat in Perth, is A$100 million, reflecting a yield of 8.25 per cent. The sale is conditional on GPT Wholesale Shopping Centre Fund waiving its right to acquire the shopping centre and council consent to assign agreements over council owned property within the shopping centre to the purchaser.

Allens brought together a team from Sydney and Perth – including lead Partner Nicholas Cowie, Senior Associates Emma Hodgson and Teresa Lusi and Perth Special Counsel Rosemary Martin – to help GPT through all stages of the negotiations of the transaction.

Allens and GPT share a long-standing relationship, with the firm recently advising GPT on a capital raising worth approximately A$1.7 billion.

'This transaction is one of the most significant direct real estate transactions in Australia this year and we were very pleased to be able to help GPT implement this component of their non-core asset sale strategy, which forms part of their broader capital management initiatives,' said Mr Cowie.

The completion of the sale of Floreat Forum shopping centre will bring GPT's total asset sales close to A$560 million over the last six months.

Ends

Allens legal team Nicholas Cowie (Partner – Sydney), Emma Hodgson (Senior Associate – Sydney), Teresa Lusi (Senior Associate), Rosemary Martin (Special Counsel – Perth) and Katrina Banh (Lawyer- Sydney)

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Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.