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Real estate investment trust GPT Group’s (ASX: GPT) portfolio of logistics assets will be worth $4.1 billion following the purchase of 24 properties from Ascot Capital.
Worth $681.7 million, the Ascot Capital portfolio is 75 per cent weighted to the eastern seaboard and is mostly comprised of logistics assets plus one six-level office building in Canberra.
GPT CEO Bob Johnston said the portfolio acquisition was in line with the company’s strategy to continue to grow its exposure to the logistics sector.
“The acquisition will increase GPT’s investment portfolio weighting to the logistics sector to 26 per cent, progressing us closer toward our medium-term target of approximately 30 per cent,” Johnston said.
“Strong levels of take up for prime Logistics space has resulted in low vacancy rates in the sector and demand is expected to continue to be underpinned by growing investment in supply chain infrastructure.
“The Ascot portfolio acquisition will increase our logistics portfolio to $4.1 billion and reaffirms GPT’s significant position in the Australian logistics market.”
Approximately 70 per cent of the acquired portfolio by income is leased to government, ASX-listed or multinational entities which is in line with GPT’s existing portfolio.
Three office assets and one logistics asset from the original portfolio being marketed for sale by Ascot Capital were not acquired by GPT.
Shares in GPT are up 0.79 per cent to $5.11 per share at 11.42am AEDT.
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