GPT Group (GPT.AX): On the Ground at Mac Square: GPT Impresses — Growth Corridor, Land Bank & Leasing Ambition

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GPT Group (GPT.AX): On the Ground at Mac Square: GPT Impresses — Growth Corridor, Land Bank & Leasing Ambition

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22 Jul 2026 20:00:00 ET │ 11 pages

GPT Group (GPT.AX)

On the Ground at Mac Square: GPT Impresses — Growth Corridor, Land

Bank & Leasing Ambition

CITI'S TAKE Buy

Price (22 Jul 26 16:00) A$4.93 We visited GPT's Macarthur Square and came away positive on the asset.

Target price A$6.00 The on-site leasing and property management team was energetic with a

well-considered pipeline to grow rents and improve the tenant base. The Expected share price return 21.7%

centre occupies a structurally advantaged position in Sydney's south- Expected dividend yield 5.0%

west growth corridor, with trade area population forecast to expand ~20% Expected total return 26.7%

to 658,000 within five years — nearly triple the national average. MAT has Market Cap A$9,444M

grown 31% since 2019 to ~$778m, with 99.3% occupancy and specialty US$6,611M

productivity of ~$10,560/sqm. Surplus land of 2.8 hectares offers

meaningful optionality for mixed-use or retail expansion. With GWSCF

settling on the remaining 50% interest this month at a ~$1.136bn implied

asset valuation, and GPT shares trading at ~10% discount to last reported Australian Real Estate Team

NTA ($5.53, Dec-25), we view the combination of asset quality,

Howard PennyAC

management capability and demographic tailwinds as a compelling +61-2-8225-4819

longer-term proposition. howard.penny@citi.com

Suraj Nebhani, CFA

Dominant Asset, Energised Management

suraj.nebhani@citi.com

• Macarthur Square (107,789 sqm GLA, 318 tenancies) is the largest and Akshit Batra

dominant centre in its trade area, significantly outscaling competitor akshit.batra@citi.com

Narellan Town Centre (72,000 sqm) with 99.3% occupancy and ~12.9