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Report: GPT Group offers to swap 50% stake in A$2.7B Melbourne shopping center

GPT Group is quietly seeking an interested party for a swap of its half-stake in the A$2.7 billion Highpoint Shopping Centre in the Maribyrnong area of Melbourne, The Australian reported.

The property company is believed to have reached out to its fellow shopping center landlords for the interest swap. According to the publication, it is also hoping to discuss the transaction with AMP Capital, QIC Global Real Estate and Scentre Group.

GPT Group holds a 16.67% stake in Highpoint Shopping Centre, while its GPT Wholesale Shopping Centre Fund owns the remaining 83.33% interest in the property. The 154,300-square-meter shopping center houses more than 500 retail shops including David Jones, Zara, Apple and Samsung, the March 14 report added.