GPT Group to acquire a 50% stake in Grosvenor Place of Commonwealth Superannuation for AUD860m.

GPT Group, a property trust, agreed to acquire a 50% stake in Grosvenor Place of Commonwealth Superannuation, a superannuation provider that offers fund management, for AUD860m. “Grosvenor Place is one of Sydney’s most iconic office buildings and this partnership with CSC will support the expansion of our $15bn portfolio of office assets. This strategic investment represents an opportunity to secure a landmark asset in Sydney’s financial core at a discount to through-the-cycle value and replacement cost," Russell Proutt, GPT Group Chief Executive Officer and Managing Director.