The GPT Group (ASX:GPT) and the Perron Group have announced a new retail partnership.
Under the partnership, GPT will acquire a 50% interest in two premium Perth retail assets, Cockburn Gateway and Belmont Forum, from Perron for approximately $482 million.
The acquisition encompasses over 119,000sqm of gross lettable area with a combined moving annual turnover exceeding $1 billion.
Development approval has been secured for a 20-year transformation project at Cockburn Gateway, including an additional 20,000sqm of retail space in its initial phase.
"This is an exciting partnership that further expands our $14 billion portfolio of retail assets," said Russell Proutt, CEO and Managing Director of GPT Group.
"Our investment is consistent with GPT's strategy to build and diversify the Group’s management platform," Proutt added.
Perron Group CEO, Adam Irving, also commented on the partnership, stating, "We identified GPT as an ideal partner for both Cockburn Gateway and Belmont Forum because of its industry leading experience."
The transaction is expected to be finalised in February 2025.
The GPT Group is an owner and manager of a portfolio of high-quality Australian retail, office, and logistics property assets.