Rockworth Capital Partners has broadened its presence in Australia with the acquisition of a 17-storey office tower from a fund managed by Evolution Private.

The Singaporean asset manager has made its first entry into the Brisbane central business district office market with the acquisition of 100 Edward Street for around A$60m (€38m).

The asset has around 7,120sqm of office space and 109 car park spaces and ground floor retail tenancies.

Lim Kin Song, Rockworth’s CEO, said: “The acquisition is a timely opportunity to participate in a fast-evolving gateway city in Australia, with a strategically located asset at the centre of major rejuvenation and infrastructure projects.

”With its recent refurbishment and above average occupancy rates compared to the broader Brisbane B-Grade market, the property presents substantial underlying value that will allow for the exploration of initiatives to enhance rental income and extract further cost efficiencies given the scale of our portfolio.”

Following the acquisition, Rockworth’s portfolio now comprises office assets in Sydney, Melbourne, Perth and Brisbane. In total Rockworth now has 14 office and retail assets.

The CEO said Rockworth continues to look for investment opportunities of a similar value-add nature or counter-cyclical propositions, to provide compelling risk-adjusted returns for its investor base.

“As a mid-to-long term investor, Rockworth maintains a positive outlook for both the Brisbane and broader Queensland markets, particularly given the pipeline of committed infrastructure projects.”