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GPT Group affirms FY'18 forecast, eyes deals in Parramatta, Sydney

GPT Group affirmed its 3% year-over-year per-security growth forecasts for funds from operations and distribution for full-year 2018.

In its earnings release, the company also said that it signed a lease for 13,600 square meters of space at its 32 Smith Street office development in Parramatta, Sydney. Work on the project is expected to begin in the second half, depending on the signing of the pre-commitment lease with the unnamed tenant.

The Australian Financial Review reported Aug. 13 that the unnamed anchor tenant of the A$300 million project is insurance and reinsurance company QBE Insurance Group Ltd.

Also in the suburb, GPT is reported to be in pole position to buy the Eclipse Tower, a 23-story office tower that Rest placed on the market in May for A$275 million.