GPT buys Northland stake for $496m

The GPT Group has bought a 50 per cent interest in Northland Shopping Centre in Melbourne for $496 million in an off-market process.

The GPT Wholesale Shopping Centre Fund bought the stake from the Canada Pension Plan Investment Board. It is co-owned by CFS Retail Property Trust Group.

GPT said the transaction represents an initial yield of 6.1 per cent and a core capitalisation rate of 5.8 per cent and is due to settle on April 30.

GPT chief executive officer Michael Cameron said the deal enhanced the already high quality of the group's funds management platform.