An office fund managed by Australian property firm Charter Hall Group has bought a building in Brisbane from QIC Global Real Estate for AUD275m (€175m).

The acquired building at Mary Street lifts Charter Hall Direct Office Fund’s portfolio to more than AUD1.77bn.

The newly-refurbished building is leased to the Queensland Department of Transport and Main Roads with a 10.4 year weighted average lease term and fixed 4% per annum rent reviews.

Steven Bennett, the head of Charter Hall Direct, said: ”The asset provides the fund an opportunity to re-position capital into the core government precinct in Brisbane CBD backed by a long-term lease to the Queensland Government.”

Charter Hall this week completed the acquisition of a Sydney-based fund manager, Folkestone, giving it exposure to a new sector in social infrastructure, such as early learning centres. It also bought industrial facilities worth about AUD120m for the Charter Hall Prime Industrial Fund.

 

 

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