An office fund managed by Australian real estate investment trust GPT Group has bought the remaining 50% stake it did not already own in an office tower from Frasers Property for AUD342m (€215m).

The unlisted AUD7.8bn GPT Wholesale Office Fund (GWOF), which bought into 2 Southbank Boulevard in 2014, exercised its pre-emptive right to buy the stake in the Melbourne building from Frasers’ Australian subsidiary.

The building offers 55,000sqm of net lettable space across 37 floors.

The owners of 2 Southbank Boulevard recently concluded “a very successful leasing campaign”, signing 23,000sqm of leases with a diverse range of tenants who now occupy 13 floors vacated by PwC in 2017, according to company information.

The deal is the first institutional deal struck in Melbourne this year. 

Pending transactions include a  QIC Global Real Estate asset at 80 Collins Street, which is expected to fetch up to AUD1.8bn. 

In Sydney, GPT is selling its 50% stake in the landmark MLC Centre for more than AUD800m. Its co-investor, Dexus Property Group, is said to be considering taking up its pre-emptive right to the other half of the building it does not currently own.