GDI Property Group Limited (ASX:GDI)
has exchanged contracts to purchase a $38.7 million office tower at 80 George Street in Parramatta, New South Wales.
The real estate investment trust says the acquisition will be the sole asset of a new unlisted property fund to be launched by the company within the next month.
GDI has described the asset as a distinctive, fully leased, B grade building located in the tightly held central commercial precinct of the Parramatta CBD.
Settlement of the property is expected to occur no later than June 20 after which GDI plans to undertake refurbishment works and mechanical upgrades.
GDI Property Group reported a net profit of $36.08 million in the first half of the 2015 financial year.