trending Market Intelligence /marketintelligence/en/news-insights/trending/RotFjb4aYJzwvQdDMKZhrQ2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

GPT Metro discloses withdrawn takeover offer, conducts property revaluations

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate CRE Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

GPT Metro discloses withdrawn takeover offer, conducts property revaluations

avoided apotential takeover after an undisclosed bidder withdrew an unsolicited proposal.

Thecompany said April 4 that it received an "unsolicited, confidential,highly conditional and non-binding" offer for the acquisition of thelisted fund's entire units.

The Australian FinancialReviewreported April 5 that AbacusProperty Group, GrowthpointProperties Australia and fund manager emerged as the likelybidders for the fund.

GPTGroup owns the largest number of shares in the fund with 15,899,750 shares, ora 12.37% stake, according to SNLdata. Meanwhile, Growthpoint Properties Managing Director Tim Collyer hadflagged the company's willingness to the possibility of the company beinginvolved in mergers and acquisitions given the "right opportunity,"as previously reported.

Theunsolicited bid led GPT Metro to conduct an independent revaluation of itsproperty portfolio as of March 31, according to the release.

Thefund's portfolio of six properties reached an independent valuation of A$439.3million as of March 31, up 6.4% compared with A$412.9 million as at Dec. 31,2015. The company said it took note of "transaction evidence" fromrecent metropolitan office building sales in conducting the independentrevaluations.

Thesix office properties in GPT Metro's portfolio are ,Murray Rose Avenue 5,Quad 2 andQuad 3 inSydney, Optus Centrein Queensland and Vantagein Victoria.

Thecompany attributed the increase in property values, which amounted to A$26.4million, to income growth and tightening in capitalization rates.

Consequently,the revaluated properties are expected to enhance the value of GPT Metro's nettangible assets by around 20 Australian cents per unit. As a result, its proforma NTA would increase to A$2.35 per unit compared to the NTA of A$2.15 perunit as of Dec. 31, 2015. The company's pro forma net gearing is also expectedto reach approximately 26.6% from 28.3% as of the same day.

As of April 4, US$1 wasequivalent to A$1.31.