German closed-end fund manager Hamburg Trust has acquired a 50% interest in the Dandenong Plaza shopping centre in Melbourne through its Australian parent company GPT Group. Financial details were not disclosed. The property will be integrated into Hamburg Trust's new Shopping Edition fund, which will have an investment volume of around A$160mln (EUR 98mln).
German closed-end fund manager Hamburg Trust has acquired a 50% interest in the Dandenong Plaza shopping centre in Melbourne through its Australian parent company GPT Group. Financial details were not disclosed. The property will be integrated into Hamburg Trust's new Shopping Edition fund, which will have an investment volume of around A$160mln (EUR 98mln).
Shareholders will be able to participate in the fund from A$15,000 plus a 5% premium. The initial dividend will be 6% per year, rising to 7.5% (before taxes).
'Through GPT we have a home advantage on the Australian market which has enabled us to offer our shareholders an investment opportunity which is rare for foreign shareholders,' managing director Joachim Seeler of Hamburg Trust said. The combination of a highly transparent property market, falling uenmployment and rising wages offer good prospects for the retail market in particular, Seeler added. 'Demand for retail space remains high and is pushing up rents.'
