Australian real estate manager GPT Group has invested A$380m (€235m) on behalf of its sector-agnostic value-add partnership to acquire the 66 Eagle Street office asset in Brisbane from German investor Deka Immobilien.
Deka originally acquired the asset in 2020 for A$380m.
The 23-storey, Grade-A office tower comprises 32,000sqm of space and is currently 95.5% leased.
GPT will provide investment, leasing, and property management services for the asset, which the partnership is financing through a combination of equity and non-recourse debt.
The acquisition expands the GPT partnership’s existing portfolio of student housing and logistics assets into core office. It brings total capital deployment for the partnership to more than A$500m since its launch in February 2026.
Russell Proutt, GPT’s CEO and managing director, said: “Brisbane’s Golden Triangle remains one of GPT’s highest-conviction office sub-markets, where we already own and manage 111 Eagle St and Riverside Centre.
“With Brisbane office leasing fundamentals strengthening, material under-renting in the asset and limited forecast supply into the CBD, this investment aligns with our strategy to co-invest with our partners and leverage our operational capabilities to deliver strong returns.”
To read the latest IPE Real Assets magazine click here.
