GPT Group expands Brisbane office portfolio with $380M property deal

• GPT Group acquired the 66 Eagle Street office tower in Brisbane for $380 million.
• The deal increases total deployment in its value-add partnership to over $500 million.
• The acquisition is expected to close in November 2026, subject to regulatory approval.

GPT Group (ASX:GPT) has acquired 66 Eagle Street in Brisbane's central business district for $380 million plus acquisition costs.

This expansion builds upon existing student living and logistics investments, extending the entity's sector-agnostic partnership into core office assets.

"Brisbane's Golden Triangle remains one of GPT's highest-conviction office sub-markets, where we already own and manage 111 Eagle St and Riverside Centre," said GPT Group CEO and Managing Director Russell Proutt.

The 23-level A-grade tower comprises approximately 32,000sqm of net lettable area with a 95.5% occupancy rate and a weighted average lease expiry of 3.8 years.

The company stated that the deal will be financed through equity and debt, targeting financial close for November pending Foreign Investment Review Board approval.

Following the announcement the GPT Group share price was down at $4.40.

The transaction takes total deployment across the partnership past $500 million since its establishment in February.

GPT Group will directly manage investment, leasing, and property management services for the newly acquired Brisbane site.