A new Lendlease-managed value-add Australian real estate fund and Marquette Properties have bought a A$391m (鈧�244.2m) office tower in Brisbane from Dexus.
The 36-level building at 12 Creek Street, located in Brisbane鈥檚 Golden Triangle, was equally owned by Dexus and the Dexus Wholesale Property Fund (DWPF).
91传媒在线 understands the sale price was struck at a 2% discount to the book value of the office tower, which Dexus acquired in 2012 for A$241.6m.
Scott Mosely, managing director of investment management Lendlease, told 91传媒在线 that the Blue Tower is the first acquisition of the recently-launched Real Estate Partners (REP) 4 fund.
Lendlease launched the value-add REP4 fund last year and raised an initial A$1.5bn.
Toby Lewis, Marquette Properties鈥� managing director, told 91传媒在线: 鈥淲e have a clear plan to transform Blue Tower into the sixth premium-grade asset in Brisbane. Brisbane currently has five premium-grade office assets and four of those have never been sold.
鈥淭hese buildings are scarce. They have the lowest vacancy rates, attract high rents and higher prices. We are excited about the transformation the Blue Tower is about to undergo.鈥�
Marquette bought another Brisbane building, at 10 Eagle Street, from Dexus last April for A$285m.
Dexus CIO, Ross Du Vernet, said: 鈥淭his divestment enables us to recycle capital into our high-returning development pipeline.鈥�
Dexus has divested A$4.9bn across the group over the past six months, excluding the 12 Creek Street disposal. Over the same period, it has made acquisitions totalling A$4.4bn.
Du Vernet said the key Queensland project for the group currently was its A$2.1bn Waterfront Brisbane development encompassing retail and public space along the Brisbane River.
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