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GPT Group to sell stake in Sydney mixed-use property

Australia's GPT Group is looking to sell its 50% stake in the MLC Centre mixed-use property in Sydney.

The diversified real estate invetsment trust's half-stake in the property is valued at A$726.3 million, The Australian Financial Review reported Jan. 16.

The property consists of 66,829 square meters of office space, 6,013 square meters of retail space, 308 car spaces and a theater.

The diversified property group plans to use the sale proceeds to fund its development projects.

GPT expects the sale to be largely neutral to its earnings in 2019 prior to any reinvestment of the proceeds.