THE GPT GROUP 
By 16 April 2014
Global financial services firm, UBS, has renewed a 4,800sqm lease for its Melbourne office at 8 Exhibition Street, which is jointly owned by the GPT Wholesale Office Fund (GWOF) and Singapore's Keppel REIT.
A new long term commitment to the building enables UBS to continue to operate in a premium office in the heart of the 'Paris' end of Melbourne's CBD.
8 Exhibition Street was purchased by GWOF and K-REIT last year. Fund Manager for GWOF Martin Ritchie said the building is in a very attractive location for businesses.
"We're delighted to have worked with UBS to have delivered a solution for their workplace, which also benefits the fund, through the extension of their commitment to the building," Mr Ritchie said.
Head of Corporate Real Estate, UBS Melbourne, Paul Brooks said the building was reselected following a review of the Melbourne office market and an extensive due diligence process.
"Extending our presence at 8 Exhibition Street was desirable from a number of perspectives. The arrangement provides us with certainty of tenure on a competitive market basis in a premium building that will serve our staff and clients well for the long term," Mr Brooks said.
Mr Ritchie said since purchasing 8 Exhibition Street, the co-owners have been able to significantly strengthen the tenancy profile of the asset.
"In just six months we have secured more than 27,300sqm of new leases within the building. This has increased the weighted average lease expiry to more than 6.5 years."
Global Real Estate Advisory firm Pepper Property, acted as Tenant Representative and Independent Advisor to UBS.
For media enquiries contact:
Brett Zarb
Group Media Manager
The GPT Group
02 8239 3979
0417 256 563
About UBS:
UBS provides financial services to private, corporate and institutional clients. They are present in all major financial centres and have offices in over 50 countries worldwide. In Australia they offer wealth management, investment banking and asset management services.
About The GPT Group:
GPT is an active owner and manager of an $8.6 billion diversified portfolio of high quality Australian retail, office and logistics and business parks property assets and two wholesale funds with $7.1 billion under management. The Group owns, and has created, some of Australia's most iconic real estate assets, including MLC Centre and Australia Square in Sydney, Melbourne Central and One One One Eagle Street in Brisbane.
Listed on the Australian Stock Exchange (ASX) since 1971, GPT is today one of Australia's largest diversified listed property groups and has a market capitalisation of approximately $6.4 billion. GPT has a substantial investor base, with more than 39,000 investors and is one of the top 50 listed stocks on the ASX by market capitalisation.
About Keppel REIT:
Listed by way of an introduction on 28 April 2006, K-REIT Asia was renamed Keppel REIT on 15 October 2012. Keppel REIT is currently one of the largest real estate investment trusts listed on the Singapore Exchange Securities Trading Limited.
Keppel REIT's objective is to generate stable income and long-term growth for Unitholders by owning and investing in a portfolio of quality income-producing commercial real estate and real estate-related assets pan-Asia.
As at 31 December 2013, Keppel REIT has an asset size of approximately S$7.2 billion comprising ten premium commercial assets strategically located in the central business districts of Singapore, and key cities of Sydney, Melbourne, Brisbane and Perth in Australia.
In Singapore, Keppel REIT owns a 99.9% interest in Ocean Financial Centre, a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and Marina Bay Link Mall, a one-third interest in One Raffles Quay, a 92.8% interest in Prudential Tower, and Bugis Junction Towers.
Keppel REIT now owns five premium commercial assets in Australia: a 50% interest in 8 Chifley Square and the office tower at 77 King Street, both in Sydney, a 50% interest in the office building at 8 Exhibition Street in Melbourne, a 50% interest in 275 George Street in Brisbane, as well as a 50% interest in the new office tower to be built on the site of the Old Treasury Building in Perth.
Keppel REIT is sponsored by Keppel Land Limited ("Keppel Land"), one of Asia's leading property developers, and managed by Keppel REIT Management Limited, a wholly-owned subsidiary of Keppel Land.
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