This article is from the Australian Property Journal archive
THE GPT Wholesale Office Fund has bought a half stake in the PwC Building at 2 Southbank Boulevard in Melbourne for $196.7 million.
GWOF fund manager Martin Ritchie said the purchase represented great value and completed an attractive transaction for the fund.
“This is a strong result for GWOF particularly given the current competitive market environment,” Ritchie said.
The acquisition follows the fund exercising its option last month to acquire 750 Collins St, Melbourne for $249.5 million and 655 Collins St Melbourne for $102.2 million.
Three former Commonwealth Property Office Fund assets were acquired for $548.4 million, which is a 0.5% discount to book value.
GPT CEO Michael Cameron said the acquisitions were an excellent outcome and represented a rare opportunity to secure three high quality offices, at very competitive pricing, in an off market process.
GWOF has also exercised a call option to buy a 50% interest in a fourth CPA asset, 10 Shelley St, Sydney. The pre-emptive right to purchase that interest was exercised by the asset’s co-owner Brookfield.
Property Review
