GPT to offload Stake in 1 Farrer Place Sydney

2 November 2020

The GPT have announced plans to divest its 25% interest in 1 Farrer
Place, Sydney, worth $585m.

In announcing the planned sale of the asset, GPT’s Chief Executive Officer Bob Johnston said: “Farrer Place is one of Australia’s most iconic office assets attracting high quality tenants. It is rare for opportunities of this quality to be offered to the market and we expect it will be well sought after by both domestic and offshore investors.”

The asset, which comprises 84,900 sqm of Premium Grade accommodation in Governor Phillip tower, a 64 level office building, and Governor Macquarie Tower, a 41 level office building Phillip Street Terraces, along with five restored historic terraces and nine levels of basement car parking for over 654 cars.

The asset is currently held jointly by GPT (25%), Dexus (50%) and Lendlease (25%). The execution of the sale is subject to pre-emptive first right arrangements with co-owners.

Should a sale be successful, GPT expects to be able to re-invest the proceeds into new opportunities including the Group’s logistics development pipeline.