AMP Capital has increased the size of its open-ended Australian property fund with the acquisition of an office building in the Brisbane central business district for AUD92.6m (€61m).

AMP’s Wholesale Australian Property Fund has acquired the 14-level office building, which is currently leased to tenants including the Queensland state government and UGL, a facilities management company.

The transaction will be funded through a debt facility of AUD75m.

Following the acquisition, the gross value of the wholesale fund’s property portfolio is now estimated at AUD1.5bn.

More than a quarter of its portfolio of 22 assets is allocated to Queensland, and nearly 41% of its holdings are invested in the office sector.

The fund, which is still open to fresh applications from investors, was established in 1985. It is one of the oldest wholesale property funds in Australia.

The fund has made a net average return of 9.1% to investors since inception.