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Sign in Sign up for a FREE subscriptionGPT to buy Sydney office complex for A$531m
Diversified property group GPT is seeking A$800 million ($550 million) in capital to invest in premium office towers in Sydney’s Darling Harbour.
The firm will use the capital to acquire a 25 percent stake in the Darling Park 1&2 office complex and Cockle Bay Wharf complex, worth A$531 million ($365 million). The seller is Brookfield Properties.
Following completion of the purchase, GPT and GPT Wholesale Office Fund (GWOF) will hold a combined 75 percent interest in the Sydney CBD assets. The Darling Park acquisition will also see GPT secure a 25 percent interest in the proposed Cockle Bay development, which has stage-one planning approval.
