Tiger Brokers

BUZZ-Citi sees tailwinds for Australia's GPT on strong retail leasing, demand

Reuters
Nov 05, 2024

** Citi upbeat on Australian property manager GPT Group as retail sales are expected to edge higher on the back of strong leasing spreads and rent increases

** Brokerage retains "buy" rating, price target of A$19.3 for GPT

** Says slight reduction in gross incentives offered to tenants under GPT's office portfolio suggests improving leasing conditions

** Brokerage says asset manager is growing its fund management business and sees it as a medium-term growth driver

** Says GPT has benefited from strong demand in the industrial sector, with 103,200 square meters leased in 2024

** Co's shares ended flat at A$4.710 on Monday, halting a six-session losing streak

** Stock largely flat at 1.5% YTD, as of 2108 GMT

(Reporting by Kumar Tanishk in Bengaluru) ((mailto:Tanishk.Kumar@thomsonreuters.com))

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