Big moves among LPTs
Recent major acquisitions are changing the face of the listed property trust sector. Macquarie Goodman Industrial Trust has finalised the purchase of Commonwealth Property Office Fund's portfolio for $500 million, Australia's largest-ever industrial property sale.
Stockland Trust Group has paid more than $159 million on three Gold Coast properties in addition to the $232 million already spent on a 15 per cent stake in AMP Diversified Trust. While Stockland would not comment on industry rumour on April 2, it's now believed to have bought more units, taking its ADF stake to over 17 per cent.
To fund its purchases, Stockland has launched a $240 million capital raising. Stockland has also spent $25 million on the purchase of a residential development site at Point Lonsdale in Victoria and will develop 700 homes and a golf course there. The company recently invested $22 million in Westpac's Moorebank Property Trust for a 24.9 per cent stake.