GPT Group is 'well placed' to buy commercial properties in Australia after selling most of its overseas assets, chief executive officer Michael Cameron said.
'We’re really well positioned to pursue investment opportunities as shopping centers and offices now come onto the market,' Cameron said in a speech in Sydney today. 'We’ve got significant flexibility on our balance sheet and we’ve got significant capacity in our funds to optimize any of those development opportunities.'
The company’s A$1.7bn share offering in June also bolstered GPT’s balance sheet, Cameron said. GPT shares gained 0.8% to 66 Australian cents at the 4:10pm close of trading in Sydney.