The Charter Hall Abacus (CHAB) Office Trust has entered into conditional contracts to buy two commercial buildings in Brisbane from the Australian Unity Office Fund for A$63.2m (€41m).

Charter Hall and Abacus Property own CHAB trust. The two companies forged a consortium in 2019 to unsuccessfully bid for the Australian Unity Office Trust for A$435m.

Abacus and Charter Hall are expected to utilise existing liquidity to fund their respective equity investments in addition to asset-level non-recourse debt for the property.

In a joint statement, Steven Sewell, managing director of Abacus, and David Harrison, Charter Hall’s managing director and group CEO, said the acquisition in a prime location in Brisbane CBD was “a great opportunity” for the consortium to implement active asset management plans and capabilities to drive the returns from the asset.

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