The GPT Group has sold off its 50 per cent interest in NSW Central Coast shopping centre Erina Fair to Lend Lease Investment Management for $397.1 million.

The sale to Lend Lease was made at a 1 per cent premium to GPT’s December 2012 fair value. This decision to sell is part of GPT’s continued delivery of its portfolio re-weighting strategy.

Australian Prime Property Fund – Retail owns the remaining 50 per cent of the asset, which is managed by Lend Lease.

CEO and Managing Director Michael Cameron said GPT had capitalised on the strong interest from domestic and overseas investors in quality Australian property assets.
“This solid demand has allowed GPT to realise the value of this asset and continue to progress its strategy to move to a more balanced portfolio weighting,” he said.

“In the past year we have effectively executed this remixing strategy moving retail from 61 per cent of the portfolio to 54 per cent, inclusive of this latest transaction. We continue to investigate further opportunities for investment in office and logistics and business parks.”