Stockland takes strategic stake in GPT
Property developer Stockland has acquired a strategic stake in property group GPT Group.
The 12.7 per cent stake, at a volume weighted average price of $1.07, includes the acquisition of the majority of Perennial Investment’s managed holdings through a cash payment of $224.3 million for 195 million GPT securities and the issue of 51 million Stockland ordinary securities to Perennial in exchange for 195 million GPT securities.
A further interest was acquired through a $97 million equity swap facility, bringing the total interest to a sum of 507.3 million securities.
“GPT has a portfolio of extremely high quality assets,” Stockland managing director Matthew Quinn said. “The acquisition price of the GPT securities represents good value for our security holders.”
The investment is the latest acquisition for Stockland, which earlier this year acquired holdings in Aevum and FKP Property Group.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.