Acure Asset Management has bought an A$80m (€45m) the 339 Coronation Drive office building in Australia from a Keppel fund.
Keppel bought the five-storey riverfront office building in Milton, Brisbane, for its Keppel Asia Macro Trends Fund III from the Blackstone-controlled 151 Property for about A$40m in 2018.
A Keppel spokesperson told IPE Real Assets: “Our Keppel Asia Macro Fund series focuses on capturing long-term opportunities driven by macro trends across the Asia-Pacific, including Australia.
“The divestment of 339 Coronation Drive in Brisbane is part of the fund’s strategy to crystallise value from assets and deliver strong returns to our limited partners.”
The building was vacant when Keppel acquired it, but the firm completed an upgrade in 2021 and sold it to Acure with an occupancy rate exceeding 90%.
Acure Asset Management said it has launched Brisbane Office Trust, a single-asset fund, to hold 339 Coronation Drive and is raising A$53m from wholesale investors, aiming for total return of 14% over the term of the closed-end fund.
To read the latest IPE Real Assets magazine click here.
