GPT Withdraws Half Share of MLC Tower After Failing to Draw a Bid

FUND manager and developer GPT Group has withdrawn from the market its half share of Sydney’s landmark MLC tower.

GPT was firm with its $373.2 million asking price.

As such, it is reported, no bids were received. The AFR reports about 30 international and domestic prospective buyers expressed an interest, however.

Read more

South Africa’s Growthpoint Pays GPT $50 Million For Canberra Office

SOUTH African backed Growthpoint Properties Australia has paid $50 million for a Canberra office complex fully leased by the federal government.

The 10-12 Mort Street complex (pictured, right), offloaded by the GPT Group, includes two adjoining six-level towers with a total of 15,400 square metres of A-grade space. The AFR, which reported the sale, did not disclose the rent paid by the government or the yield the property sold for.

Over the past three years the trust has acquired $835 million in real estate. It bought four office assets last December for $294 million, and also , three office assets in Brisbane, an office development in Sydney’s Gore Hill Technology Park.

Read more