1 Farrer Place, Sydney. (Google Maps)

Australian REIT, GPT Group, has announced plans to divest its 25% stake in 1 Farrer Place, Sydney.

“Farrer Place is one of Australia’s most iconic office assets attracting high quality tenants”, said GPT’s Chief Executive Officer, Bob Johnston.

“It is rare for opportunities of this quality to be offered to the market and we expect it will be well sought after by both domestic and off- shore investors”, he added.

The execution of the sale is subject to pre-emptive first right arrangements with co-owners.

Should a sale be successful, GPT expects to re-invest the proceeds into new opportunities including the group’s logistics development pipeline.

“GPT continues to have a very strong balance sheet position and a successful sale will further strengthen this position”, the REIT added.

GPT Group was last done on the ASX at AUD4.15, up almost 3% from its previous close.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.