The GPT Group (‘GPT’ or ‘Group’) and the Perron Group (‘Perron’) today announce the  establishment of a new retail partnership. GPT will acquire from Perron a 50% interest in two  premium Perth retail assets, Cockburn Gateway and Belmont Forum, for approximately $482  million.  

The two shopping centres offer ~119,000 square metres (sqm) of gross lettable area and a  combined Moving Annual Turnover of more than $1 billion1. Development approval has been  secured for a 20-year transformation project at Cockburn Gateway, with Stage 1 having the  potential for ~20,000sqm of incremental retail in the near term. 

GPT’s Chief Executive Officer and Managing Director, Russell Proutt said, “This is an exciting  partnership which further expands our $14 billion portfolio of retail assets with two centres that are  top performing in their respective trade areas and extremely well positioned, in catchments with  strong population growth and favourable demographics. 

“Our investment is consistent with GPT’s strategy to build and diversify the Group’s management  platform, in alignment with like-minded investment partners. This acquisition will leverage the  Group’s outstanding retail operational capability to drive asset performance and pursue  compelling development opportunities.” 

Perron Group Chief Executive Officer Adam Irving said the company was delighted to have  successfully concluded negotiations over the sale of the half-share stake in both properties. 

“We identified GPT as an ideal partner for both Cockburn Gateway and Belmont Forum because of  its industry leading experience in both retail and mixed-use developments, as this will be crucial to  maximising the value of the assets over time. 

“This transaction also aligns with the evolution of Perron Group’s broader strategic objectives as a  permanent endowment to support the work of the Stan Perron Charitable Foundation.” 

Completion of the transaction is expected in February 2025.