Property investor GPT Group has reported a 14.5 per cent increase in full-year profit to $1.45 billion and says its shopping centres have remained resilient against online competition.
Income from the company's retail portfolio grew 2.2 per cent in the 12 months to December 31, while the vacancy rate stood at 0.4 per cent at year end.
The company said on Monday that expansion plans for Sunshine Plaza shopping centre in Queensland are on track, with the completion of stage two in March expected to include a new David Jones department store, a Big W, H&M and 70 other retail brands.
Read Next GPT confirmed plans to divest its 50 per cent stake in the MLC Centre in Sydney in order to fund projects in the city's west and in Melbourne.
"The proceeds from the sale will initially be used to repay debt prior to being reinvested into the development pipeline, which includes the new 32 Smith office tower in Parramatta and a planned new office tower at Melbourne Central," GPT CEO Bob Johnston said.
"The competitive landscape has evolved with the growth in online retailing, but physical retail continues to deliver approximately 90 per cent of all retail sales," he said.
GPT had a distribution per security of 25.46 cents, up 3.5 per cent on the previous corresponding period.