Centuria Capital Group has bought a Brisbane office block from Hines for A$89m (€57.4m).

The ASX-listed investment manager will launch an unlisted single-asset fund this month to hold the office building, located at 348 Edward Street in Brisbane’s central business district.

Hines purchased the 15-level building less than three years ago as a value-add opportunity.

Since the US manager decided to wind up its Hines Global REIT in May 2018, it has been progressively selling down a global portfolio of some 30 assets.

Jason Huljich, joint CEO of Centuria, said the latest transaction grows Centuria’s unlisted fund opportunities to A$216m in the current financial year.

Huljich said the various vehicles in the Centuria group had so far this financial year acquired some A$480m worth of assets.

“These acquisitions are an integral part of our group strategy to accelerate AUM growth, and we expect to continue this momentum by executing on further attractive opportunities across our real estate platform,” he said.

Centuria and partner, the Lederer Group, last October acquired four Australian office buildings from Hines for A$645m.