Real Estate Investment Trust GPT (ASX:GPT) has announced plans to sell off its 50 per cent share of the MLC Centre.
The building is a landmark A Grade office tower in the heart of Sydney's CBD.
The group plans to reinvest the proceeds of the sale into its development pipeline, which includes a new office tower in Parramatta and a tower at Melbourne Central.
GPT says the Sydney CBD office market has experienced significant rental growth and the group's successful repositioning of the asset has generated exceptional returns for GPT.
Shares in GPT (ASX:GPT) are trading trading 1.1 per cent lower at $5.47.