Australia's GPT Group forks out $558 million for a slice of Sydney's Grosvenor place

Australia's GPT Group is acquiring a 50% stake in Sydney's Grosvenor Place office tower for A$860 million ($558 million), partnering with the Commonwealth Superannuation Corp. The property, valued at A$1.72 billion, is a 44-storey building housing major tenants. This acquisition will expand GPT's A$15 billion office portfolio and is expected to close by the end of 2025, funded through existing debt. The deal is not anticipated to impact annual earnings, and GPT's stock rose 1.1% following the announcement.