(Adds details and background throughout, shares move in the last paragraph) Oct 24 (Reuters) – Australia's GPT Group said on Friday that it is acquiring a 50% stake in Sydney's iconic Grosvenor Place office tower for A$860 million ($558.83 million), forming a new partnership with the Commonwealth Superannuation Corp. Following the transaction, the pension fund will retain the remaining 50% interest in the premium-grade property, which is valued at approximately A$1.72 billion ($1.12 billion). Completed in the late 1980s, Grosvenor Place is a 44-storey office tower located on George Street, one of Sydney's busiest thoroughfares. It houses several major tenants, including Mitsubishi Australia, Sonic Healthcare, and Sumitomo Australia. This will be GPT's third office property on Sydney's George Street. "Grosvenor Place is one of Sydney's most iconic office buildings, and this partnership with CSC will support the expansion of our A$15 billion portfolio of office assets," GPT CEO and Managing Director Russell Proutt said. GPT said the deal will be funded through its existing debt facilities and is expected to close by the end of 2025. The company added that the transaction will have no impact on its annual earnings. The company's stock rose as much as 1.1% to A$5.610, hitting its highest level since September 1. It was last up 0.9%, as of 0349 GMT. ($1 = 1.5389 Australian dollars) (Reporting by Shivangi Lahiri & Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich and Anil D'Silva)
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