GDI sells Adelaide CBD property for $125.1M

Company News

by David Chau

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.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?