360 Capital Office Fund's responsible entity, 360 Capital Investment Management Ltd., said that 360 Capital Group's proposed sale of a 28.8% stake in the listed fund gained board approval on Dec. 30.

Centuria Capital Group and its associates will acquire the stake. The transaction is one of the final conditions required to be met for a potential merger between 360 Capital Office Fund and Centuria Metropolitan REIT.

Earlier, 360 Capital Group agreed to sell its management rights in 360 Capital Office Fund to Centuria Capital Group for A$290.7 million, also to set the stage for a possible merger.

As of Dec. 29, US$1 was equivalent to A$1.39.