Centuria confirms 15.2% stake in GPT Metro

20 May 2016

Publication: The Australian Date: 20 May 2016 Author: Ben Wilmot

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UPDATED 1 HOUR AGO | 10:50AM | MAY 20, 2016

THE AUSTRALIAN |  MAY 20, 2016  10:32AM

Centuria Capital and its listed property funds have emerged with a 15.2 per cent stake in the GPT Metro Office Fund, with the group’s entry to the register coming ahead of a likely cash and scrip bid to rival Growthpoint Properties Australia’s $310 million offer.

Centuria, with the aid of Moelis & CO, yesterday raided the listed landlord’s register, with its acquisition of an 11.6 per cent stake in the trust, first reported by The Australian’s BusinessNow blog.

Centuria, which has former Mirvac chief Nick Collishaw leading its own $400m office trust, could seek to combine the portfolio of its fund and that of the GPT Metro Office Fund to create a vehicle with $800m of properties across Australia.

The holdings it has taken in the GPT fund are split between parent Centuria Capital, with 12.6 per cent, and Centuria Metropolitan REIT, with 2.6 per cent.

The two portfolios are complementary and Centuria’s move could derail Growthpoint’s plans for a merger with the GPT fund.