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Diversified property group acquires stake in iconic tower

Diversified property group acquires stake in iconic tower

Adrian Rich

One of Australia’s largest diversified listed property groups has acquired a one-third interest in an iconic office building, located in the heart of Brisbane’s CBD.

Firms: MinterEllison (GPT Wholesale Office Fund); Undisclosed (Abu Dhabi Investment Authority)

Deal: The GPT Wholesale Office Fund (GWOF) has acquired a one-third interest in One One One Eagle Street from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

Value: $284 million

Area: M&A, property

Key players: The legal team advising GWOF was led by MinterEllison real estate partner Adrian Rich (pictured), with assistance from real estate partner Virginia Briggs and tax partner Nathan Deveson.

MinterEllison real estate special counsel Rachel McNaught, senior associate David Castelino, lawyers Alastair Blenkin and Vincent Whitfield, graduate Ivan Li and paralegal Jeremy Bouton also assisted on this transaction.

Deal significance: The GPT Group is one of Australia’s largest diversified listed property groups. It is among the top 40 stocks on the ASX by market capitalisation and has $19.7 billion of assets under management.

This transaction by the company’s GWOF represented an opportunity for GWOF to increase its investment in the tightly held Brisbane commercial property market.

According to MinterEllison real estate partner Adrian Rich, the acquisition involved the preparation of a complex suite of transaction documents that provided for GWOF’s increased ownership stake in the building, as well as the exit of the ADIA from the existing co-ownership and management structure.

“We are delighted to have assisted the GPT Group and its unlisted GPT Wholesale Office Fund in continuing its strategic investment in one of Brisbane’s premium commercial towers,” Mr Rich said.

“We look forward to working closely with the GPT Group and their enviable funds management platform in growing their strategic portfolio into the future.”

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