GPT Group will set up a new office fund focusing on suburban assets, while an industrial property fund is also in the pipeline, The Australian Financial Review reports.
According to the newspaper, the property group has lodged files with the Australian Securities and Investments Commission (ASIC) to establish the new funds, which will complement its existing office and retail wholesale property assets.
“GPT has previously stated to the market its intention to grow its funds management business,” a company spokesperson said, according to the newspaper.
“It is early days in the process but we are looking at various opportunities to meet this target.”
The refocus comes after GPT Group last month withdrew its offer for Australand Property Group’s commercial portfolio, valued at $3 billion.
Suburban towers generally offer higher yields than similar assets in major central business districts, with the potential for higher investor returns, the AFR reports.