Charter Hall and QuadReal have teamed on a second office real estate investment in Australia.
The duo have acquired a Brisbane development site at located in the North Quay urban renewal precinct for an undisclosed amount.
Charter Hall and the C$44.2bn (€28.8bn) real estate arm of British Columbia Investment Management Corporation initially partnered to buy the 201 Elizabeth Street office block in Sydney in 2019 for A$630m (€400m).
With the latest deal, the partners have two development options for the 309 North Quay site. The proposed project comprises a development application for a single 50,000sqm commercial tower and a separate application for two smaller commercial towers of 23,000sqm and 36,000sqm each.
QuadReal head of Asia, Peter Kim, said: “Australia remains a key focus for QuadReal, and the North Quay investment is a direct product of the long-term strategic relationship we have with Charter Hall in that market.
“Urban renewal is a theme we embrace and support throughout the world; and this recent acquisition, which increases the size of our global office portfolio to about 34m sqm, reflects QuadReal’s strong conviction around improving the communities in which we invest.”
Charter Hall managing director and group CEO, David Harrison, said QuadReal was experienced in real estate development, and that Charter Hall was delighted to deepen its partnership with the Canadian investor.
Charter Hall’s regional development director, Bradley Norris, said the site at 309 North Quay represented a unique opportunity to contribute to the revitalisation of the Roma Street precinct, which would be transformed by transport and infrastructure upgrades that are underway or planned.
To read the digital edition of the latest IPE Real Assets magazine click here.