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GPT Group off-loads Sydney shopping center for A$153.2M

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GPT Group off-loads Sydney shopping center for A$153.2M

GPT Group divested the Norton Plaza shopping center in the Leichhardt suburb of Sydney to an unnamed private local investor for A$153.2 million, The Australian Financial Review reported Aug. 7.

The 11,800-square-meter convenience-based mall is changing hands under an agreement that reflects a 5.5% core capitalization rate and at a consideration above the property's book value.

Colliers International and CBRE Group Inc. brokered the deal for the property, which houses a Coles supermarket, 50 retailers and a large-format Harris Farm Market, the publication reported.

The diversified property group's GPT Wholesale Shopping Centre Fund marketed the retail property in May as part of its strategy to focus its portfolio on regional and super-regional assets. At the time, Norton Plaza was valued at A$149.3 million.