GPT Group (ASX:GPT) acquired the 66 Eagle Street office tower in Brisbane for AU$380 million plus acquisition costs, according to a Monday filing with the Australian bourse.
The office building offers about 32,000 square meters of net lettable area and is currently about 96% leased with a weighted average lease expiry of 3.8 years, per the filing.
The company said the consideration reflects a "significant discount" to replacement cost.
The transaction, which is subject to Foreign Investment Review Board approval, is not expected to have a material impact on GPT Group's 2026 earnings, with financial close targeted for November, the company said.