Allens advises GPT on major office and retail assets acquisition

Allens has advised the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF), on agreements that relate to the acquisition of $1.2 billion worth of office and retail assets.

A memorandum of understanding (MoU) has been entered into with DEXUS and Canada Pension Plan Investment Board (together, the Consortium) which set out the terms under which GWOF will acquire various Commonwealth Property Office Fund (CPA) properties if the Consortium's bid for CPA reaches compulsory acquisition.

The relevant CPA assets are 750 and 655 Collins Street, Melbourne and a 50% interest in both 2 Southbank Boulevard and 10 Shelley Street, Sydney, valued at $679m.

A separate MoU was entered into with the Canadian Pension Board in respect of the sale of its 50 per cent stake in Northland Shopping Centre in Melbourne for $505 million to GWSCF. This is also subject to the success of the Consortium's bid.

According to Nicholas Cowie, who led the Allens team on the transaction, the completion of the MoUs represented a sensible outcome for GPT in the CPA bidding process. If the Consortium reaches compulsory acquisition in its bid for CPA, GPT will potentially acquire $1.2billion worth of assets. The settlement of each sale is subject to the exercise of any third party pre-emptive rights.

'This has been an interesting transaction to work on, and one that the Allens team delivered on time during the holiday closure despite being located in various remote locations and different time zones' Mr Cowie said.

'We're thrilled to have worked alongside GWOF and GWSCF on this matter and to reach a successful outcome.'

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