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GPT Group is set to acquire a 50% stake in Sydney's Grosvenor Place office tower for AUD 860 million (USD 558.83 million) in partnership with the Commonwealth Superannuation Corporation. The iconic 44-storey building, valued at around AUD 1.72 billion (USD 1.12 billion), is home to major tenants including Mitsubishi Australia and Sonic Healthcare. This purchase marks GPT's third office property on George Street and will be funded through existing debt facilities. The deal, expected to close by year-end, will not affect annual earnings. GPT shares rose following the announcement.
Australia's GPT Group has announced it will acquire a 50% stake in Sydney's landmark Grosvenor Place office tower for AUD 860 million (USD 558.83 million), forming a partnership with the Commonwealth Superannuation Corporation (CSC). The pension fund will retain the remaining 50% of the property, which is valued at about AUD 1.72 billion (USD 1.12 billion). Advertisement
Completed in the late 1980s, Grosvenor Place is a 44-storey office tower located on George Street, one of Sydney's busiest commercial thoroughfares. It houses major tenants including Mitsubishi Australia, Sonic Healthcare, and Sumitomo Australia. The property is known for its prime location and premium-grade facilities. This acquisition adds to GPT's growing office portfolio on George Street, marking its third office property in the area.
GPT CEO and Managing Director Russell Proutt highlighted that Grosvenor Place is one of Sydney's most recognizable office buildings. He noted that the partnership with CSC will support the expansion of GPT's AUD 15 billion office portfolio. The company said the deal will be funded through existing debt facilities and is expected to close by the end of the year. GPT added that the transaction will not affect its annual earnings.
Following the announcement, GPT shares rose as much as 1.1% to AUD 5.610, reaching their highest level since early September. By mid-morning trading, the stock was up 0.9%. The acquisition underscores GPT's continued focus on prime office locations and its strategy to expand in Sydney's central business district.
Source Reuters
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