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November 8, 2019

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GPT buy out Fraser in $342M Southbank deal

March 3, 2019

 

The GPT Wholesale Office Fund has moved to exercise its pre-emptive right to acquire the remaining 50% stake in 2 Southbank Boulevard after its co-owner Frasers Property Australia moved to sell it.

 

The $342m transaction prices the half stake in the 38-storey tower on a tight 5 per cent yield.

 

The GPT / Fraser co-ownership of the 55,000sqm tower has been focused over the last few years on re-leasing the tower after PwC's decision to move out of 23,000sqm in 2017 to move into a new building developed by Mirvac. The group introduced fresh tenants to occupy most of the 13 floors including; CUB, WPP AUNZ, Saputo, Built, Microsoft and Space&Co.

 

The GPT fund bought into the tower in 2014, a trophy it gained through its tussle with Dexus for control of the $4 billion Commonwealth Property Office Fund.

 

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