Centuria moves on GPT

25 May 2016

Publication: Money Management
Date: 25 May 2016

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Centuria Property Funds Limited has made a play for the GPT Metro Office Fund.

The play was rolled out via the Australian Securities Exchange (ASX) this week, with Centuria Listed Property chief executive, Nicholas Collishaw, pointing to the benefits of combining the Centuria Metropolitan Real Estate Investment Trust (REIT) with the GPT Metro Office Fund.

“We believe the combination of the CMA and GMF portfolio best meets GMF unitholders’ expectations of underlying asset quality and return profile,” he said.

Collishaw said the opportunity to merge CMA and GMF would serve to improve the composition of the combined portfolio and would create the potential to add additional value through active management.

The independent board of GMF has indicated it is considering the Centuria indicating and non-binding offer, which involved $2.46 scrip and cash.