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Diversified property group acquires stake in iconic tower
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.
Emma Musgrave
Firms: MinterEllison (GPT Wholesale Office Fund); Undisclosed (Abu Dhabi Investment Authority)
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.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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