News: GDI proposes sale of Sydney property for $156M

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GDI Property Group Limited (ASX:GDI) has proposed the conditional sale of 233 Castlereagh St. in Sydney, for $156 million.

 

The property and funds manager says the conditional put and call option deed represents an increase of $27 million compared to the independent valuation from 30 June this year.

 

Managing Director Steve Gillard says the potential of the result validates the business model of buying well-located CBD office properties with multiple exit options.

 

The company says that assuming the option is exercised settlement would be scheduled on or before 30 September next year.

 

GDI Property reported a net profit of $12.9 million in the 2014 financial year.