The strategic investment in GMP advances Vicinity’s expertise in omnichannel retail, connecting its 7,000 retail partners, with online promotions and marketplaces to deliver shared value creation for retail partners, shoppers and securityholders.
“Investing in GMP will help facilitate online sales for our retailers and complement our broader fulfilment and distribution strategy which will provide retailers with efficient shopping centre-based fulfilment solutions and take advantage of our coast-to-coast physical footprint, with 66% of the Australian population living within 30 minutes of our doors.”
The partnership sees Vicinity Centres acquire a minority shareholding in Global Marketplace, with a strategic alliance agreement intended to create mutual value for both businesses and benefit the overall retail sector. Tanarra Capital, who first invested in GMP in 2016, continues to be a substantial shareholder and has committed material additional capital to fund the acquisition of GrabOne. A Vicinity representative will hold a Board position on the expanded GMP Board, joining incumbent director Anna Shave of Tanarra Capital and the recent appointments of Naomi Simson and Justin Hind.