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GPT Group (ASX:GPT) has announced that it has sold a portfolio of senior living communities in the US for around $890 million to US-listed Health Care REIT.
The real estate investment trust says it has binding contracts for the sale of its 95 per cent interest in 34 senior living communities.
The sale completes the company’s exit of the all offshore non-core assets, with the exception of small interests in two real estate funds in Europe.
GPT says selling the US Seniors Housing Portfolio is a part of the group’s strategy of exiting non-core businesses and focussing on the active ownership of Australian retail, office and industrial assets.
GPT is poised to receive $324 million for its equity interest in the portfolio, realising a capital gain of $119 million against the June 2010 book value of $205 million.
The divestment is expected to settle in the first half of 2011 and be earnings neutral.
In the year to 30 June 2010, GPT Group reported a net profit of $145.2 million.
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