Centuria Capital launches takeover bid for GPT Metro Office Fund

24 May 2016

Publication: The Australian Date: 24 May 2016 Author: Ben Wilmot


Centuria Capital and its listed property vehicle, which last week emerged with a 16.2 per cent stake in the GPT Metro Office Fund, have unveiled their cash-and-scrip takeover bid.

The $2.46 per unit offer for GPT Metro is pitched above rival Growth•point Properties Australia’s offer which is at $2.41 per share.

Centuria, with the aid of Moelis & Co, last Thursday and Friday raided the listed landlord’s register, securing stakes in the trust, and today argued its scheme presents a superior offer to Growthpoint’s cash and scrip offer.

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.

Centuria, which has former Mirvac chief Nick Collishaw leading its Centuria Metropolitan REIT, a $397m office and industrial trust, will seek to combine the portfolios of that fund and GPT Metro to create a vehicle with about $850m worth of properties across Australia.

Forming a large-scale trust would pave the way for it to enter major property indices, putting on the radar of more institutions, and giving Mr Collishaw the backing to re- emerge as a player in larger scale properties at a time when there are fewer specialist trusts.