Brisbane-based Cromwell Property Group has agreed to buy the 400 George Street building in Brisbane from Blackstone and German financial company HSBC Trinkaus for $524.8m (€320.5m).

Cromwell said it is buying the fully-let 35-level building constructed in 2009 with a total net lettable area of 43,978sqm spread across office, retail and childcare.

Cromwell Property Group’s CEO, Paul Weightman, said the group looked to recycle capital to assets where it could see new opportunities.

Weightman said Cromwell recently sold its 50% stake in Northpoint, North Sydney, for A$300m, after it had already added significant value to building.

Cromwell had also completed a A$407.5m fundraising.

The proceeds of these activities, alongside the sell-down of existing funds, would be used to continue to fund opportunities identified as part of Cromwell’s ‘Invest to Manage’ strategy, he said.

Blackstone inherited its 50% stake in 400 George Street when it bought an A$500m-plus portfolio owned by South Australia’s Motor Accident Commission in 2017.

HSBC Trinkaus bought its half interest in 2007 from developer Leighton group, now trading as CIMIC.