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GPT Group Announces the Sale of 50% Interest in MLC Centre for $800m

13 Mar 2019  |  08:59:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Sale of 50% interest in MLC Centre for $800 million

GPT Group announced that it has entered into a binding agreement with Dexus (DXS) and Dexus Wholesale Property Fund (DWPF) to sell its 50% share in the MLC Centre. The asset has achieved an annualised return of in excess of 20% p.a. over the past three years. It reiterates its 2019 guidance of 4% growth for both Funds From Operations per security and Distributions per security. The asset has achieved an annualised return of in excess of 205 p.a. over the past three years. The sale price of $800m represents a 3% premium to the Company's 31 December 2018 book value.

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