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.

View ASX announcement

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