GPT Wholesale Office Fund’s A$284 million acquisition of one-third interest in One One One Eagle Street, Brisbane


GPT Wholesale Office Fund (GWOF) has acquired a one-third interest in One One One Eagle Street, Brisbane, Queensland from a wholly owned subsidiary of the Abu Dhabi Investment Authority for A$284 million.

The acquisition is Queensland’s largest commercial property transaction for 2016, making GWOF a two-thirds owner of one of Brisbane’s most iconic premium-grade buildings, valued at approximately A$850 million.

GPT Group is one of Australia’s largest diversified listed property groups, among the top 40 stocks on the ASX by market capitalisation, and having A$19.7 billion of assets under management. The Group focuses on an active ownership of Australian real estate in a portfolio that includes retail, office and logistics assets. This focus is complemented by its Funds Management business (with GWOF being one of the Group’s unlisted funds) and selective development. With gross assets of A$6.5 billion, GWOF is the top performing office fund over one, three, five and seven years as measured by the Mercer/IPD Australia Unlisted Wholesale Fund index.

MinterEllison advised GWOF in the transaction with a team led by partner Adrian Rich (picture), assisted by Virginia Briggs, Nathan Deveson and Rachel McNaught.

Involved fees earner: Adrian Rich – Minter Ellison; Virginia Briggs – Minter Ellison; Rachel McNaught – Minter Ellison; Nathan Deveson – Minter Ellison;

Law Firms: Minter Ellison;

Clients: GPT Group Ltd.;

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Author: Michael Patrini