THE GPT Group has completed the sale of Ayers Rock Resort to the Indigenous Land Corporation.
GPT sold the property in October last year for $300 million which will be paid in instalments starting with $81 million on settlement; $81 million 12 months after settlement; and $138 million five years after settlement.
As part of deal, GPT will contribute $25 million towards capital expenditure, over the next five years.
“We are pleased to complete the sale of Ayers Rock Resort in a structure which minimises earnings dilution for securityholders and offers the potential for upside in capital value,” CEO Michael Cameron said.
“With this sale completed GPT has delivered on its commitment to return to the ownership, management and development of high quality Australian retail, office and industrial real estate,” he concluded.
Australian Property Journal