Guthrie acquires remaining 50% stake in Heartland for $99.5m

Guthrie GTS said it will acquire the remaining 50% stake in Heartland Retail Holdings from Prime Retail Holdings for $99.45 million.

Heartland owns a portfolio of properties comprising of suburban retail shopping centre Heartland Mall - Kovan and six standalone retail centres.

The open market value of the Heartland portfolio as at March 31, 2012 was $280 million.

The acquisition will be funded by the company through a combination of bank financing and internal resources.