GPT Group has raised $255 million in a bookbuild for its GPT Office Metro Fund, with the offer priced at $2 per unit.
The new real estate investment trust (REIT) comprises six A-grade metro and business park properties across Sydney, Brisbane and Melbourne that have 100 per cent occupancy levels. The fund portfolio has been independently valued at $376m.
The broker firm and GPT security holder offer will open on October 10, with the fund expected to start deferred and conditional trading on the ASX on October 24.
UBS was the lead manager for the offer. National Australia Bank, Morgans and Ord Minnett acted as co-lead managers.
Fund managers Quattro Asset Management and Centuria Capital are also expected to follow GPT’s lead and list REITs in the coming weeks.
(Prashant.mehra@businessspectator.com.au)