GPT chief executive Bob Johnston said the acquisition enhances the group’s exposure to Sydney’s strong office market via modern, high quality assets.
“And access to future growth through the Cockle Bay Park development,” he said.
The asset offers 103,600sq m of net lettable area across two 27-level office towers, providing premium office accommodation.
Cockle Bay Wharf offers 8,151sq m of dining and retail space, while plans for its development feature 63,000sq m of premium office accommodation and 10,000sq m of retail and entertainment space.
Johnston said the proceeds will also be applied to funding the next stage of growth from the Group’s development pipeline across the office and logistics sectors, while also “maintaining a very strong balance sheet position”.
In its latest announcement GPT said approximately 71 per cent of the portfolio is being independently valued in the six months to June 30.
“The revaluations are expected to result in a net revaluation gain of approximately $102 million, or 0.7 per cent, with a weighted average capitalisation rate of 4.99 per cent.”
GPT currently has a $33 million development in Melbourne’s Truganina, and two facilities under way worth a total of $69 million in Brisbane’s Wembley Business Park.