Australian property group GPT and the GPT Wholesale Shopping Centre Fund (GWSCF) have sold a shopping centre in the Northern Territory to Sentinel Property for A$397m (€249m).

The Casuarina Square retail asset, located in Darwin, will be held in the Sentinel Casuarina Investment Fund, a newly created single-asset vehicle.

GPT said the book value of Casuarina Square at 30 June 2021 was $421m.

Bob Johnston, GPT’s CEO said the asset was considered a “non-core” asset for GPT and GWSCF. “Capital proceeds from the sale will be redeployed into new opportunities to generate long-term value for investors,” he said.

The GPT Group has owned and managed the Casuarina Centre since it was built in 1973 and had undertaken four major redevelopments over that period. It is the premier shopping mall Darwin.

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