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GDI Property Group Limited (ASX:GDI) is poised to establish a new external fund after inking a deal to acquire of a portfolio of properties from engineering company UGL Limited (ASX:UGL).
The real estate investment trust has inked a $66.5 million deal with UGL to buy the portfolio of seven properties across New South Wales, Queensland and Western Australia.
The portfolio will form the basis of GDI’s new external unlisted and unregistered property trust, named GDI No. 38 Diversified Property Trust.
The trust is set to be launched in the next weeks, will not be available to retail clients but offered to wholesale and sophisticated investors.
GDI has also today revealed it is investigating redevelopment options for its property at 233 Castlereagh Street in Sydney’s CBD and anticipates its potential sale to a developer.
GDI’s shares have risen about 6 per cent since it started trading on the ASX in December 2013.
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