This article is from the Australian Property Journal archive
DEXUS Property Group confirmed that Brookfield has exercised its pre-emptive rights to buy the KPMG Tower at 10 Shelley St in Sydney's CBD.
Last week, the GPT Wholesale Office Fund exercised a call option to buy a 50% interest in 10 Shelley St, Sydney.
The move by Brookfield shuts down GPT’s chances of securing a 50% stake in building.
Dexus said Brookfield would buy the remaining 50% stake in 10 Shelley St “on no more favourable terms and conditions than those agreed with GPT Wholesale Office Fund”.
Developer and built by Brookfield in December 2003, the 15-level building comprises 28,132 sqm and 109 car parking spaces. The 50% stake was valued by CPA at $108 million as at October 2013. This property is located between Sussex and Shelley streets at King Street Wharf.
So far Dexus has settled on the sale of 750 Collins St and 655 Collins St in Melbourne’s CBD for $351.7 million.
Last week GWOF confirmed it has bought a half stake in the PwC Building at 2 Southbank Boulevard in Melbourne for $196.7 million.
The four assets were owned by Commonwealth Property Office Fund. GPT agreed to withdraw its competing takeover bid for CPA on the basis that Dexus would sell the four assets to GPT.
Property Review
