GPT Group : GPT Wholesale Office Fund (GWOF) and GPT Wholesale Shopping Centre Fund (GWSCF) enter into agreements in relation to acquiring approximately $1.2 billion of quality office and retail assets
January 06, 2014 at 08:53 pm IST
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GPT Wholesale Office Fund (GWOF) and GPT Wholesale Shopping Centre Fund (GWSCF) enter into agreements in relation to acquiring approximately $1.2 billion of quality office and retail assets
06 January 2014
On 11 December 2013, DEXUS and the Canada Pension Plan Investment Board (CPPIB) (together the Consortium) announced a revised offer to acquire the Commonwealth Property Office Fund (CPA). As part of that proposal the Consortium offered two CPA office assets to GWOF, on the basis that the Consortium acquired 100 per cent of the units in CPA. Those assets were 750 Collins Street in Melbourne and CPA's 50 per cent interest in 2 Southbank Boulevard, also in Melbourne.
The GPT Group (GPT) today announces that GWOF and GWSCF have entered into binding memoranda of understanding with the Consortium and with CPPIB in relation to the acquisition of 750 Collins Street, Melbourne and 2 Southbank Boulevard, Melbourne and a further three office and retail assets with a combined total value of approximately $1.2 billion.
Under the agreements, GWOF will acquire, subject to a number of conditions, the following assets:
- 750 Collins Street, Melbourne;
- 50 per cent of 2 Southbank Boulevard, Melbourne;
- 50 per cent of 10 Shelley Street, Sydney; and
- 655 Collins Street, Melbourne.
The total purchase price of the four assets is $679 million.
GWSCF can also acquire 50 per cent of Northland Shopping Centre in Melbourne for a purchase price of $505 million, which is subject to a number of conditions including due diligence. The acquisition of the assets is subject to the Consortium reaching compulsory acquisition in its bid for CPA.
GPT's bid for CPA remains open for acceptances until 24 January 2014, unless the offer is extended.
The memorandum of understanding with the Consortium is contained in the ASX announcement.
The GPT Group is an Australia-based vertically integrated diversified property company that owns and actively manages a portfolio of Australian retail, office and logistics assets, with assets under management of approximately $32.2 billion. The Company utilizes its real estate management platform to enhance returns through property development and funds management. Its office portfolio includes 32 Smith, 4 Murray Rose Avenue, 580 George Street, 2 Park Street, Darling Park 1 & 2 And Cockle Bay Wharf, Darling Park 3, Eclipse Tower, Liberty Place, 150 Collins Street, and others. Its logistics portfolio includes 128 Andrews Road, 1 Huntingwood Drive, 10 Interchange Drive, 104 Vanessa Street, 16-34 Templar Road, 18-24 Abbott Road, 1B Huntingwood Drive and others. Its retail portfolio includes Charlestown Square, Macarthur Square, Rouse Hill Town Centre, Westfield Penrith, and Chirnside Park, among others. Its Funds Management platform is focused on the Australian retail and office sectors.
GPT Group : GPT Wholesale Office Fund (GWOF) and GPT Wholesale Shopping Centre Fund (GWSCF) enter into agreements in relation to acquiring approximately $1.2 billion of quality office and retail assets