GPT Group has paid Brookfield Properties A$531m (€325.9m) for a 25% stake in an office complex at Sydney’s Darling Harbour.

IPE Real Assets understands that AMP Capital Investors is planning to buy a remaining 5% stake from Brookfield, which had a 30% interest in the Darling Park complex.

The assets comprise two office towers and a retail building at Cockle Bay Wharf.

Brookfield was a co-investor with GPT Wholesale Office Fund (GWOF) – which has a 50% interest in the two towers – and the unlisted AMP Capital Wholesale Office Fund, which has 20%.

GPT said today that, on completion of the transaction, GPT and GWOF would hold a combined 75% interest in the Darling Park 1 & 2 and Cockle Bay Wharf complex.

AMP Capital has a pre-emptive right to the remaining 5% of the Brookfield stake, and is understood to be ready to exercise that right.

Through today’s transaction, GPT will also have a 25% interest in the proposed Cockle Bay Park development.

With the sale of what was its remaining interest in Darling Park, which it developed in the 2000s, Brookfield has relinquished its interest in the Cockle Bay Wharf development project.

The A$1bn concept was to be undertaken jointly by Brookfield, GPT and AMP Capital.

The first stage has been approved and will offer approximately 63,000sqm of office accommodation and 10,000sqm of retail and entertainment space.

GPT has issued an A$800m capital raising, fully underwritten, to finance the purchase and its development pipeline.

GPT’s CEO, Bob Johnston, said: “The proceeds (of the capital raising) will also be applied to funding the next stage of growth from within the group’s development pipeline across the office and logistics sectors.”