Allens has advised property investment firm GPT Group on its partnership with Perron Group, which represents a significant milestone in the expansion of GPT's retail portfolio in Perth.
As part of the deal, GPT Group will acquire a 50% interest in two premium Perth retail assets—Cockburn Gateway and Belmont Forum—from Perron Group for approximately $482 million.
'We were delighted to be able to work with the GPT team in this transaction. The partnership between GPT and Perron underscores the increasing demand for capital partnering opportunities, particularly coupled with demand for high-quality retail assets in prime locations. We expect strategic capital partnering to accelerate in 2025,' said Partner Victoria Holthouse.
The shopping centres comprise approximately 119,000 square metres of gross lettable area combined and an annual turnover exceeding $1 billion. The partnership also includes development approval for a transformative 20-year project at Cockburn Gateway, with stage one set to add around 20,000 square metres of incremental retail space in the near term.
