GPT Wholesale Shopping Centre Fund

This report does not constitute a rating action. Overview Key strengths Key risks Portfolio comprises high-quality retail assets. Single-asset concentration (Highpoint Shopping Centre represents 54% of total assets) coupled with limited geographic diversity. Supportive financial policies and equity-raise to build balance sheet capacity to pursue growth investments. Restrained retail spending despite easing cost-of-living pressures. Earnings visibility from long-term major tenant leases (top 10 tenants account for 23% of total rent). Elevated (albeit moderating) borrowing costs constrain credit metrics. Asset upgrades and tenant remixing initiatives that improve asset quality. Applications are set to close in May 2026; the equity-raise is not underwritten. Our base case assumes that the fund achieves 50% of its target (A$250 million) in fiscal 2026 (ending June

...GPT Wholesale Shopping Centre Fund's (GWSCF) targeted A$500 million equity-raise will strengthen credit metrics and replenish investment capacity. Applications are set to close in May 2026; the equity-raise is not underwritten. Our base case assumes that the fund achieves 50% of its target (A$250 million) in fiscal 2026 (ending June 30, 2026)....

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