GPT extends liquidity event for wholesale office fund

GWOF investors have approved a proposal to defer the existing 10-year liquidity event from July 2026 to July 2028. This extension includes an upfront liquidity amount of up to 25% of units on issue, aiming to create an orderly redemption process and allow for recovery in office market conditions. GPT's chief executive, Russell Proutt, stated the proposal received overwhelming support and is a "fantastic outcome" for GWOF.

As part of the agreement, GWOF's base management fees paid to GPT will be temporarily modified from January 1, 2026, to July 1, 2028. During this period, the fee will be 0.425% of gross asset value (GAV) for assets up to $5 billion, and 0.40% of GAV for assets between $5 billion and $9 billion. GPT RE Limited, holding 21.7% of units in GWOF, did not vote on the resolution.

Additionally, investors in both GWOF and the GPT Wholesale Shopping Centre Fund (GWSCF) approved the appointments of Christopher Judd and Simone Desmarchelier as independent directors to the board of GPT Funds Management Limited (GPTFM).