GPT Wholesale Office Fund uses call option to buy a third of the One One One Eagle Street office tower in Brisbane for $284.2 million

IN the biggest property deal of the year in Brisbane, the GPT Wholesale Office Fund (GWOF) has paid $284.2 million for an interest in a premium office tower.

OPPORTUNITY: GPT Wholesale Office Fund now has 66.67 per cent of One One One Eagle Street in the Brisbane CBD.

IN Brisbane’s biggest property deal of the year, the GPT Wholesale Office Fund (GWOF) has paid $284.2 million for an additional third interest in the premium office tower One One One Eagle Street.

The purchase increases GWOF’s ownership share to 66.67 per cent, while the developer of building, The GPT Group, will own the other 33.33 per cent of the 54-floor tower.

The unlisted GWOF has exercised an option over the Middle Eastern sovereign wealth fund the Abu Dhabi Investment Authority, which is believed to have held a third ownership of the tower.

PREMIUM BUY: One One One Eagle Street in the Brisbane CBD which is now in the hands of the GPT Group and GPT Wholesale Office Fund

GWOF Fund Manager Martin Ritchie said he was delighted that the Fund had been able

to exercise a call option it had over the private co-owner’s interest in the 63,000sq m asset.

“This transaction represents a very rare opportunity for GWOF to increase its investment

in this highly sought-after premium grade office asset,” he said.

“This acquisition will increase the Fund’s exposure to Brisbane’s prestigious Golden

Triangle precinct where the GWOF-owned Riverside Centre is also located,” he said

The purchase price was determined by an independent valuation.

One One One Eagle Street had a weighted average lease expiry of 7.1 years by income and as at 30 June 2016 was 97.6 per cent occupied.

The building’s blue chip tenants include ANZ, Gadens Lawyers, EY, Norton Rose

Fulbright and Arrow Energy.

The acquisition brings GWOF’s gross assets up to $6.5 billion.