The GPT Group announced that the GPT Wholesale Shopping Centre Fund (GWSCF) has agreed to acquire 50% interests in Sunshine Plaza in Maroochydore, Queensland, and Macarthur Square in Campbelltown, New South Wales, in a transaction valued at approximately $1.2 billion.
The interests are being acquired from the Lendlease-managed Australian Prime Property Fund – Retail. The transaction includes a $622 million acquisition for the 50% stake in Sunshine Plaza and a $568 million acquisition for the interest in Macarthur Square, excluding transaction costs. Both purchases were completed in line with independent valuations.
Following completion of the transaction, GPT and GWSCF will each hold a 50% interest in Sunshine Plaza, while GWSCF will become the sole owner of Macarthur Square.
Sunshine Plaza and Macarthur Square are among the leading super-regional shopping centers in Australia. Each property contains approximately 107,000 square meters of gross lettable area and serves as a major retail, leisure, and entertainment destination within its respective trade area.
GWSCF said the acquisitions will enhance the fund’s diversification and scale as it continues to attract additional investors. The properties are located in regions experiencing strong population growth and benefit from resilient consumer spending patterns, supporting long-term, inflation-linked income streams.
The fund will finance the acquisitions using proceeds from its recently completed oversubscribed equity raising and available debt capacity. Settlement of the transactions is expected in July 2026, subject to customary conditions and approvals.
GPT will continue to provide leasing, property management, and development management services for both shopping centers. The company said the transactions are aligned with its strategy of expanding its investment management platform through partnerships while leveraging its operating capabilities to drive returns for investors and securityholders.
The GPT Group is one of Australia’s leading property groups and manages a portfolio of retail, office, and logistics assets through a range of investment vehicles.
KEY QUOTES:
“Acquiring these interests materially increases GWSCF’s diversification and scale, responding to the Fund’s growing investor base. These dominant, super-regional centres in two of Australia’s fastest-growing catchments enjoy sustained population growth and resilient, everyday spending which underpins durable, inflation-linked property income.”
David Sleet, Fund Manager of GPT Wholesale Shopping Centre Fund
“These acquisitions are consistent with GPT’s strategy to grow our investment management platform through aligned partnerships. We look forward to partnering with GWSCF at Sunshine Plaza, and to further leverage the Group’s operational capabilities to optimise returns for GWSCF investors and GPT securityholders at both assets.”
Russell Proutt, Chief Executive Officer and Managing Director of The GPT Group
