Former investment banker Vickki McFadden is set to replace long-serving GPT Group chairman Rob Ferguson as chairman, as the ASX-listed investor turns to office and logistics assets for their 2018 development pipeline.
GPT has announced that Ferguson’s position on the board, and subject to security holder approval his position as chairman, will be taken by Vickki McFadden, a former managing director of investment banking at Merrill Lynch.
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Last week, GPT purchased a portfolio of four industrial properties at Sunshine in Melbourne’s west. The purchase price was $74 million and the sale was struck on a yield of about 6 per cent.
Comprising an area of 52,000 square metres the four properties are tenanted by listed print and communications business IVE, with a nine-year lease expiry.
Colliers International's Tony Iuliano and Adrian Rowse brokered the deal. They also handled the sale for the recent $178 million acquisition by Singapore’s Cache Logistics Trust for nine Australian logistics properties from Blackstone.
Much of GPT’s recent activity has focused on western Sydney, but the Sunshine properties are believed to benefit in the future from the importance of “last mile” delivery, considered the most important step in the supply chain delivery solution.
GPT owns and manages a $20 billion portfolio of offices, logistics, business parks and prime shopping centres across Australia.
GPT is scheduled to report its annual results on Tuesday.