0322 GMT - GPT's bull at Citi sees the Australian property group's new partnership with Perron Group as part of a strategy that has already delivered strong growth. Analyst Howard Penny tells clients in a note that the partnership, under which GPT will buy a 50% stake in two shopping centers for A$482 million, is part of its continued drive toward retail real-estate investment. Penny expects incremental announcements from GPT through 2025 on its shift toward greater earnings contributions from funds management. Citi has a buy rating and a A$4.90 target price on the stock, which is down 1.5% at A$4.415. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 15, 2024 22:22 ET (03:22 GMT)
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