GPT Group (GPT.AX): GPT Transitions From Strategy to Delivery—Funds Momentum Builds, Portfolio Momentum Continues

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GPT Group (GPT.AX): GPT Transitions From Strategy to Delivery—Funds Momentum Builds, Portfolio Momentum Continues

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01 Jul 2026 04:15:10 ET │ 11 pages

GPT Group (GPT.AX)

GPT Transitions From Strategy to Delivery — Funds Momentum Builds,

Portfolio Momentum Continues

CITI’S TAKE Buy

GPT is entering its August results in a stronger operational position than a Price (01 Jul 26 16:00) A$4.83

year ago, having made tangible progress on both execution and capital Target price A$6.00

management. The funds management platform has demonstrated real

Expected share price return 24.2% traction — a $610M oversubscribed equity raise, balanced across

domestic and offshore investors, is a constructive data point. Retail Expected dividend yield 5.2%

operations remain dominant, with 99.8% occupancy and specialty sales Expected total return 29.4%

of A$13,788/sqm leading peers. FFO is forecast to grow steadily from Market Cap A$9,252M

34.0¢ in FY25 to 38.1¢ by FY28. That said, FY27 introduces some sectoral US$6,489M

headwinds including rising interest costs on hedges rolling over and

GWOF FUM flows. Trading at a –16% discount to NTA of A$5.81, valuation

appears undemanding relative to portfolio quality.. We view the

risk/reward as favourable, with August results the key near-term catalyst. Australian Real Estate Team

Howard PennyAC

Execution Progress: Encouraging, With Caveats\ +61-2-8225-4819

howard.penny@citi.com

• GPT has made genuine progress shifting from strategy formulation to

Suraj Nebhani, CFA operational delivery over the past 12 months focusing on tangible milestones —

real leasing outcomes, capital flows, and pipeline execution — a constructive suraj.nebhani@citi.com

shift from the prior period’s more aspirational positioning. Akshit Batra

akshit.batra@citi.com