Business
GPT puts $585m Farrer Place stake up for sale – afr.com
The property fund manager’s 25 per cent stake in Sydney skyscraper 1 Farrer Place will set a benchmark for the office sector as it weathers the crisis.
GPT must first put its stake under a pre-emptive agreement to Lendlease, which also owns a 25 per cent stake in the tower through a vehicle owned jointly with GPT. Holding the remaining 50 per cent is Dexus, which would also be offered the stake should Lendlease decline.
A market process would follow should none of the co-owners exercise their pre-emptive rights.
Farrer Place is one of the Sydney’s best-known addresses, with 84,000 sq m of space spread across the 64-level Governor Phillip Tower…
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