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GPT, Frasers to sell A$300M Melbourne tower

and Frasers Centrepoint Ltd.'s unit have put a A$300 millionSouthbank building in Melbourne on the market, The Australian Financial Review reported.

GPT andFrasers Property Australia Pty. Ltd. each own a 50% stake in the 28 Freshwater Placeproperty. The fully leased 34,000-square-meter tower's tenants include MMG, CPAand Parsons Brinckerhoff.

In 2007,GPT's GPT Wholesale Office Fund boughtthe 50% interest in the office complex for A$12.5 million. The unlisted fund's decisionto sell its ownership of the property forms part of its regular portfolio restructuring,among other strategies, the AFR reported.

On theother hand, Frasers Property's sale of its half stake takes place as part of a capital-recyclingplan for development prospects, according to the publication. Its recent divestments in Melbourneinclude the A$87.6 million sale of the Satellite Corporate Centre in Mulgrave, aspreviously reported.

As of May 2, US$1 was equivalentto A$1.31.