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GPT GROUP — Capital/Financing Update 2009
Mar 30, 2009
65009_rns_2009-03-30_36c46085-354d-49d0-bca8-fbc73eed3131.pdf
Capital/Financing Update
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GPT RE Limited ABN 27 107 426 504 as Responsible Entity of General Property Trust AFSL 286511
GPT Management Holdings Limited ABN 67 113 510 188
Level 52 T: +61 2 8239 3555 MLC Centre F: +61 2 9225 9318 19 Martin Place E: [email protected] Sydney NSW 2000 www.gpt.com.au Australia
31 March 2009
Lux Wigneswaran Adviser, Issuers (Sydney) Australian Securities Exchange Exchange Centre 20 Bridge Street Sydney NSW 2000
By electronic lodgement
Dear Ms Wigneswaran
Highpoint - Put Option Intention Notice
GPT advises that a Notice of Intent has been received, indicating that Highpoint Property Group may elect to put one third of its 50% interest (equating to 16.67% of the asset) in Highpoint Shopping Centre and the adjacent Maribyrnong Homemaker City Centre to the GPT Wholesale Shopping Centre Fund (GWSCF).
Following issue of this notice of intention, Highpoint Property Group may give formal notice of the exercise of the put option in relation to 16.67% of the Centre between 1 and 31 July 2009 in order to exercise its put option.
The option, which was put in place at the time of GPT’s acquisition of an interest in the Centre in 2006, passed to GWSCF with the creation of the Fund in March 2007. Should the Fund choose not to acquire the interest GPT stands behind the Fund and has the ability to either acquire, or sell the interest.
If the option is exercised, the sale price will be determined by an independent market valuation process.
Highpoint is one of Australia’s leading shopping centres. The asset has one of the largest trade areas for a regional centre in Australia and attractive long term expansion opportunities with significant existing land holdings. Highpoint was ranked fourth in the 2009 Shopping Centre News Big Guns survey with total moving annual turnover of $767 million in 2008. GPT will continue to keep the market informed as this process progresses.
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GPT Securityholder Service Centre
T: 1800 025 095 F: +61 2 9287 0303 E: [email protected]
James A Coyne Company Secretary
Higpoint Put Intention 31.03.09.doc