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GPT markets mall for A$500M, buys A$74M industrial portfolio in Australia

GPT Group is offering for sale the redeveloped Wollongong Central mall in the Illawarra region of New South Wales in Australia with an asking price of A$500 million, The Australian Financial Review reported.

According to the publication, the company's GPT Wholesale Shopping Centre Fund is selling the property in pursuit of a strategy, which will see it realign its focus toward owning super regional malls.

The 56,600-square-meter shopping center is home to approximately 230 tenants and has a 650-slot carpark, as of June 30, 2017. Among the brands that set up shop in the mall are David Jones, Coles, Target and H&M. It was relaunched Oct. 5, 2017, after undergoing a A$68 million refurbishment and was one of five GPT-owned shopping centers where the diversified property group rolled out its first digital strategy.

The Feb. 7 report noted that Colliers International will be overseeing the expressions of interest process for the property that is scheduled to start in March.

Separately, the AFR also reported Feb. 7 that the listed Australian developer signed a Colliers International-brokered deal to buy a four-asset industrial portfolio in the Melbourne suburb of Sunshine for A$74 million, representing a roughly 6% yield. The properties, spanning 52,000 square meters, are occupied by print and communications business IVE on a nine-year term lease.