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GPT sells Australian shopping center stake for A$335m

GPT Wholesale Shopping Centre Fund has sold a 50 percent interest in a shopping center in Canberra, Australia, to Perron Investments for A$335 million ($246 million). It is believed to be the largest-ever shopping center sale in Canberra.

Westfield Woden is ranked among the top 50 retail centers in Australia with a gross leasable area of 800,000 square feet. GPT Wholesale Shopping Centre Fund purchased its stake in the shopping mall in 2012 for A$321.5 million ($236 million).

According to the Australian Property Institute’s latest Property Directions Survey, retail in all Australian cities are expected to perform well for at least the next two years, and the outlook for retail property in Sydney, Melbourne and Brisbane is strong.

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