Australian property group GPT has acquired a 50% stake in the Grosvenor Place office tower in Sydney from Commonwealth Superannuation Corporation (CSC) for A$860m (€482m).
ASX-listed GPT will now co-own the 44-level tower with the public sector super fund, which originally had a 25% co-investment with Blackstone in Grosvenor Place until this month, when it exercised its preemptive rights to buy the entire building.
Blackstone brought into the 84,000sqm Grosvenor Place in 2021, taking over the interests of Dexus and CPP Investments for A$925m, and it subsequently increased its stake to 75% when China Investment Corporation also decided to sell out of the office tower.
GPT said this new office co-ownership partnership builds on GPT’s existing A$2.7bn relationship with CSC, which includes premium office assets, including 101 Collins in Melbourne and QV1 in Perth.
GPT’s chief executive officer and managing director, Russell Proutt, said: “Grosvenor Place is one of Sydney’s most iconic office buildings and this partnership with CSC will support the expansion of our A$15bn portfolio of office assets.
“This strategic investment represents an opportunity to secure a landmark asset in Sydney’s financial core at a discount to through-the-cycle value and replacement cost.”
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