The GPT Group has plans to divest its 25 percent interest in 1 Farrer Place in Sydney.
The sales price as not disclosed; however, it is estimated to be A$585 million ($417.39 million), according to Financial Review.
In announcing the planned sale of the asset, Bob Johnston, GPT’s CEO, said, “Farrer Place is one of Australia’s most iconic office assets, attracting high-quality tenants. It is rare for opportunities of this quality to be offered to the market, and we expect it will be well sought after by both domestic and offshore investors.”
The execution of the sale is subject to pre-emptive first right arrangements with co-owners.
Should a sale be successful, GPT expects to be able to reinvest the proceeds into new opportunities, including the group’s logistics development pipeline.
