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GDI Property Group Limited (ASX:GDI) has inked a deal to buy the Civic Tower in Sydney’s central business district for $136 million.
The real estate investment trust says the iconic A grade property is located on the north western corner of Goulburn and Castlereagh Streets.
GDI has purchased the property from two vendors who each hold half of the asset and settlement is expected on or around July 15.
The trust says it is attracted to the mid-town precinct due to the proposed residential conversations which will significantly reduce supply and believes it remains an attractively priced option with excellent transport links for tenants.
The company also has another property at 233 Castlereagh Street which it is positioning for sale and hopes the new acquisition at 66 Castlereagh Street will provide an opportunity to relocate tenants.
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