By a staff reporter
GPT Group Ltd has sold its stake in Erina Fair shopping centre on the New South Wales Central Coast as part of its portfolio re-weighting strategy.
In a statement to the Australian Securities Exchange, GPT said it had sold its fifty per cent stake for $397.1 million.
Chief executive and managing director Michael Cameron said GPT had capitalised on the strong interest from domestic and overseas investors in quality Australian property assets.
"This solid demand has allowed GPT to realise the value of this asset and continue to progress its strategy to move to a more balanced portfolio weighting," Mr Cameron said.
"In the past year we have effectively executed this remixing strategy moving retail from 61 per cent of the portfolio to 54 per cent, inclusive of this latest transaction.
"We continue to investigate further opportunities for investment in office and logistics and business parks.”
The Australian Financial Review reports the buyer of GPT's stake was South Korea’s National Pension Service.