GPT Acquires 50% Stake in Grosvenor Place, Sydney for AU$860 Million

The GPT Group (ASX:GPT) has entered into a new partnership with the Commonwealth Superannuation Corporation (CSC), acquiring a 50% interest in the Grosvenor Place office tower at 225 George Street, Sydney, for AU$860 million plus transaction costs.

The acquisition strengthens GPT’s AU$15 billion office portfolio and extends its AU$2.7 billion partnership with CSC, which also includes 101 Collins Street in Melbourne and QV1 in Perth. Grosvenor Place is a 44-level premium-grade building offering 84,000 sqm of office space, panoramic harbour views, and direct access to transport infrastructure.

CEO Russell Proutt said the deal provides GPT with exposure to one of Sydney’s most iconic assets “at a discount to through-the-cycle value.” Financial close is targeted for December 2025, subject to Place Management NSW approval. The transaction will be funded through existing borrowing capacity.

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