The property arm of Australian superannuation fund Cbus Super is taking full control of the North Quay office project in Brisbane by acquiring its joint venture partner’s 50% stake for A$300m (€206m).
Cbus Property has bought the stake from Nielson Properties and will now own the 30-level office tower at 205 North Quay, expected to be completed in 2023.
Cbus Property’s chief executive officer, Adrian Pozzo, said the development would optimise the site’s potential and be a catalyst for activating the North Quarter of Brisbane’s CBD, bounding the city’s government precinct with Cbus Property’s prominent 1 William Street commercial tower.
MJ Nielson, a company associated with Nielson Properties and Brisbane’s Raniga family, offered their half share of the project to the market late last year, a year after work on the office tower started.
To read the latest edition of the latest IPE Real Assets magazine click here.
