GDI Property Group sells Brisbane CBD office tower

Company News

by Jessica Ellerm

GDI Property Group Limited (ASX:GDI) has announced it has exchanged contracts on 307 Queen St, Brisbane, for $142.15 million.

The sale price is a premium to the latest independent valuation of $126.5 million.

GDI undertook an extensive refurbishment of the property since purchasing the building in 2013, and saw occupancy rise from 60 percent to 85 percent as a result.

Proceeds from the sale will be used to repay debt while the company reviews acquisition opportunities.

GDI Property Group Limited reported a net profit of $47.7 million at 30 June 2016.


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