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GPT pays A$680m for stake in Melbourne shopping mall

by Andrea Waitrovich

The GPT Wholesale Shopping Centre Fund has purchased a 25 percent stake in the Highpoint Shopping Center in Melbourne for A$680 million ($542 million). The seller was from Melbourne’s Besen family.

The purchase takes the fund’s ownership in the asset to 83.33 percent while the GPT Group retains a 16.67 percent interest. The GPT Wholesale Shopping Centre Fund co-owns the majority of the suburban shopping center alongside its manager, GPT Group.

The 1.7 billion-square-foot Highpoint is one of Australia’s leading super regional shopping centers with an annual moving turnover of almost A$1 billion ($798 million), according to media outlets. The mall has approximately 470 stores.

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