The GDI Property Group
(ASX:GDI) has exchanged contracts to sell a commercial property at 25 Grenfell Street, Adelaide for $125.1 million to a foreign buyer.
After excluding sales costs and expenses, GDI expects to net around $124 million from the sale, as well as a $10 million premium to the last independent valuation – which was $114 million.
GDI first bought the property in 2009 for the much lower amount of $76 million.
The company says the contract is currently subject to Foreign Investment Review Board approval, with settlement expected around 5 January 2017.
GDI posted a net profit of $47.7 million at 30 June 2016.
