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GPT Group : Total Centre Comparable MAT Up 2.1% At 31 March 2018

GPT Group (GPT.AX,GPTGF.PK), an Australian property company, announced its operational update for the March 2018 quarter. Total Centre comparable MAT growth of 2.1 per cent at 31 March 2018, compared to 1.7 per cent growth at 31 December 2017. Retail specialty sales were $11,307 per square metre at 31 March 2018, compared to $11,185 per square metre at 31 December 2017.

Total Office leasing of 47,000sqm signed or at Heads of Agreement (HoA) during the quarter, and occupancy of 96.0 per cent. Total Logistics leasing of 34,100sqm signed or at Heads of Agreement (HoA) during the quarter, and occupancy of 96.5 per cent.

Acquisition of Sunshine Business Park, Melbourne, for A$74 million, representing an initial yield of 6.1 per cent.

Development consent granted for a proposed office development at 32 Smith Street, Parramatta.

The Group noted that the A$420 million expansion of Sunshine Plaza has been impacted by significant wet weather during the quarter. As a result, the project is now expected to open on a staged basis commencing in late 2018, with completion in the second quarter of 2019.

GPT said it continues to expect to achieve FFO per security growth of about 3 per cent for the full year 2018, and distribution per security growth of about 3 per cent.

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