Property owner GPT Group has sold its 50 per cent stake in the Erina Fair shopping centre on the NSW central coast for $397 million.
GPT made the sale as it looks to more-evenly balance its portfolio between retail, office and industrial properties.
Its 50 per cent interest in Erina Fair was sold to a client of Lend Lease Investment Management, at a one per cent premium to its value as of December 2012.
Lend Lease’s Australian retail property fund owns the remaining 50 per cent stake in Erina Fair.
GPT chief executive Michael Cameron on Thursday said, in a statement, the group was now looking into potential acquisitions of office and business park properties.