GPT Metro Office Fund - GMF
On 11 September 2014 The GPT Group (GPT) announced that it had begun "engaging with investors" on the creation of a new listed real estate investment trust, the GPT Metro Office Fund.
Initially the fund, to be listed on the ASX under the code GMF would have the following A-grade metropolitan and business park office properties independently valued at approximately $376 million:
Optus Centre, 15 Green Square Close, Fortitude Valley, Qld;
Vantage, 109 Burwood Road, Hawthorn, Vic;
Quad 2, Quad Business Park, Sydney Olympic Park, NSW;
Quad 3, Quad Business Park, Sydney Olympic Park, NSW;
5 Murray Rose, Sydney Olympic Park, NSW; and
3 Murray Rose, Sydney Olympic Park, NSW.
The GPT Metro Office fund is expected to commence with the following characteristics:
6.3 year weighted average lease expiry;
7.7 per cent capitalisation rate;
100 per cent occupancy;
Average building age of 3.5 years;
Gearing of 35 per cent; and
Expected distribution yield, for the period from allotment to 30 June 2015, of approximately 7.40 per cent per annum.
Shares are expected to be issued at $2.00 each (with an NTA backing of $1.91). It is indicated that shares will only be available through:
Broker Firm Offer; and
GPT Security Holder Offer.
I understand that the institutional offer is now fully underwritten. The Broker Firm Offer and the GPT Securityholder Offer opens on Friday 10 October 2014 at 9:00am(Sydney time). The Broker Firm Offer and the GPT Securityholder Offer closes on Wednesday, 22 October 2014 at 5:00pm(Sydney time).
If the offer is oversubscribed, it is likely that participants will receive a scaled back allotment. Also the offer could close early.
Shares are expected to commence trading on a conditional and deferred settlement basis on the ASX on Friday 24 October 2014 (this must be the institutional allocation as "Allotment of shares" does not occur until Wednesday 29 October 2014). Trading on a normal settlement basis commences on Friday 31 October 2014.
For further information and pre-registrion the following is a link to the GPT site:
I couldn't get the pre registration to work however my GPT shares are in CHESS holding accounts and that could have something to do with it.
This is not an opinion on the merits of participating in the public offering or investing in The GPT Metro Office Fund. As always do your own research and good luck.