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Report: GPT fund buys stake in Brisbane office tower for A$284.2M

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Report: GPT fund buys stake in Brisbane office tower for A$284.2M

GPT Group's GPT Wholesale Office Fund increased its stake in the 54-story One One One Eagle Street property in Brisbane, Australia, to two-thirds of the property, The Australian Financial Review reported.

The office fund purchased an additional one-third stake in the landmark office building from the Abu Dhabi Investment Authority, with GPT Group owning the remaining one-third stake in the property.

Fund Manager Martin Ritchie said the acquisition represented a "very rare" chance for the unlisted fund to increase its stake in the prime office asset. The stake investment was a result of a call option that the office fund owned over the Abu Dhabi Investment Authority stake.

The latest stake purchase takes the office fund's total assets to A$6.50 billion.

As of Dec. 15, US$1 was equivalent to A$1.36.