The GPT Group has agreed to sell its interest in the H20 logistics portfolio to Rynda Capital Partners Europe, an independent real estate investment management business, for the value of the debt secured against the portfolio (AUD$231 mln or EUR129 mln).
The GPT Group has agreed to sell its interest in the H20 logistics portfolio to Rynda Capital Partners Europe, an independent real estate investment management business, for the value of the debt secured against the portfolio (AUD$231 mln or EUR129 mln).
The H20 portfolio comprises a portfolio of 32 office properties located in Germany, the Netherlands, France, Denmark and Finland. The portfolio was previously held by GPT's European arm, GPT Halverton.
EuroHypo has agreed to refinance the portfolio as part of the arrangements for the acquisition. The transaction price represents an 11% discount to the value of AUD$260 mln at year-end.
GPT said the transaction was consistent with the group's strategy to dispose of non-core real estate investments to strengthen its balance sheet. The sale brings the total value of non-core asset sales completed by GPT over the last five months to AUD$460 mln.
