GPT Group's Charlestown Square (Photo: GPT Group)GPT Group's Charlestown Square (Photo: GPT Group)

The GPT Group has suffered an 8.8% slide in the value of its retail properties as valued at 31 May 2020.

More specifically, the revaluations have resulted in a reduction in value of AUD476.7 million (USD330 million) compared to the 31 December 2019 book value.

“The retail asset revaluations reflect the independent valuers’ assessment of the effects that COVID-19 and the subsequent social restrictions have had on our retail assets”, said Bob Johnston, CEO of GPT Group.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.