GPT Group has put to market its 25% stake in Sydney鈥檚 Governor Phillip and Governor Macquarie Towers, a stake valued at A$586m (鈧�353m) at 30 June 2020.
Known as 1 Farrer Place, it is the largest building complex in Sydney to come to market in the wake of the coronavirus pandemic, which has seen a number of office buildings changed hands in recent weeks.
Before a sale can be executed, GPT has to first offer the stake to a Lendlease-managed office fund, which owns a 25% stake in the towers through a vehicle jointly owned with GPT. If Lendlease declines, the stake will be offered to , which owns the remaining half of the complex, which has 84,000sqm of space spread across the two 64-level towers.
Should a sale be successful, GPT expects to be able to re-invest the proceeds into new opportunities, including the Group鈥檚 A$1bn logistics development pipeline.
GPT鈥檚 chief executive, Bob Johnston, said: 鈥淚t is rare for opportunities of this quality to be offered, and we expect it will be well sought-after by both domestic and off-shore investors.鈥�
The GPT announcement came as Dexus today exchanged a A$273m contract with a private Hong Kong investor for 60 Miller Street, an office building in North Sydney. Dexus said the price was 3% above its book value at 30 June 2020.
To read the digital edition of the latest 麻豆映画 Real Assets magazine click .
