Stockland takes strategic stake in GPT
Property developer Stockland has acquired a strategic stake in property group GPT Group.
The 12.7 per cent stake, at a volume weighted average price of $1.07, includes the acquisition of the majority of Perennial Investment’s managed holdings through a cash payment of $224.3 million for 195 million GPT securities and the issue of 51 million Stockland ordinary securities to Perennial in exchange for 195 million GPT securities.
A further interest was acquired through a $97 million equity swap facility, bringing the total interest to a sum of 507.3 million securities.
“GPT has a portfolio of extremely high quality assets,” Stockland managing director Matthew Quinn said. “The acquisition price of the GPT securities represents good value for our security holders.”
The investment is the latest acquisition for Stockland, which earlier this year acquired holdings in Aevum and FKP Property Group.
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