• GPT establishes partnership with GPT Wholesale Shopping Centre Fund for Rouse Hill Town Centre
• GPT to acquire additional 8.33% stake in Highpoint Shopping Centre
• Transactions reflect book value for both assets

The GPT Group (GPT) today announces the establishment of a partnership with the GPT Wholesale Shopping Centre Fund (GWSCF) for its high performing retail asset Rouse Hill Town Centre (RHTC). The Group will also acquire an additional 8.33% of Highpoint Shopping Centre (Highpoint) from GWSCF, increasing the Group's direct ownership to 25%, subject to approval by GWSCF unitholders. Net proceeds to GPT following the 50% divestment of RHTC ($395 million) and the acquisition of Highpoint ($204.6 million) is approximately $176.1 million after transaction costs. The transactions reflect book value for both assets (based on independent valuations as at 31 December 2024). Until re-invested, the net proceeds will be used to reduce gearing. The retail partnership for RHTC and GPT's acquisition of an additional interest in Highpoint is a positive step for both GPT and GWSCF. GPT increases its holding to 25% in one of the preeminent shopping centres in Australia and GWSCF diversifies its portfolio with a premier NSW asset that has an expansionary development commencing in the first half of 2025. The transactions align with GPT's strategy to provide innovative investment solutions to deliver superior returns for its investment partners. As the largest single investor in GWSCF, the Group benefits from the strengthening of the Fund's portfolio composition while also surfacing capital from direct property holdings to reinvest in new opportunities.

The addition of RHTC is on strategy for the GWSCF, enhancing asset quality and portfolio composition while also providing exposure to a strong growth market in Sydney. With these transactions and the recent completion of the modernisation process, the Fund is well positioned to continue to deliver its sector-leading returns performance.