Joint owners GPT and the GPT Wholesale Shopping Centre Fund (GWSCF) have exchanged contracts for the sale of Casuarina Square.

The asset is being disposed of to Sentinel Property Group for a net sale price of AUD397 million, GPT disclosed on 1 February.

Settlement of the transaction is expected prior to the end of March 2022.

Casuarina Square is considered a non-core asset for GPT and GWSCF, said the statement from GPT.

“Capital proceeds from the sale will be redeployed into new opportunities to generate long-term value for investors”, the REIT added.

The book value of Casuarina Square at 30 June 2021 was AUD421 million.

GPT Group was last done on the ASX at AUD4.97.