Companies

CBD sale prompts GDI to eye $200m assets interstate

GDI Property Group will use the proceeds from its 233 Castlereagh Street sale to hunt for a new asst in Sydney or Melbourne worth up to $200 million.

Mercedes RuehlReporter

Nov 10, 2014 – 1.16am

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GDI Property Group will use the proceeds from its 233 Castlereagh Street sale to hunt for a new asset in Sydney or Melbourne worth up to $200 million.

GDI managing director Steve Gillard said the group is already looking at opportunities. The preference is Sydney. Securities in the property owner and fund manager, which listed in late 2013, shot up nearly 3 per cent on Friday after GDI announced the conditional sale of 233 Castlereagh Street for $156 millon – $27 million above its June valuation.

Mercedes Ruehl writes on real estate specialising in sales, leasing and residential properties. Connect with Mercedes on Twitter.