Growthpoint Pays $290M To Up Australian Office Holdings

Law360, New York (December 20, 2011, 3:43 PM EST) -- Growthpoint Properties Australia Ltd. has bought four office properties, one to be developed, for AU$289.5 million (US$291.8 million), which will boost the firm's office holdings to nearly 50 percent of its portfolio, Growthpoint said Tuesday.

The Melbourne, Australia-based real estate firm funded the transaction for the Australian properties — three buildings in Brisbane and one development site in New South Wales — through debt and a AU$166.4 million share issuance at AU$1.90 a share, according to a statement.

The purchase continues Growthpoint's effort to diversify into...
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