The billion-dollar Cromwell Direct Property Fund (DPF) has acquired an office building Brisbane business district for A$117.5m (€75.5m).

Cromwell’s head of retail funds management, Hamish Wehl, said it was challenging for investors to find opportunities that meet their income needs in the current environment.

With 88% of income derived from government, listed or multinational tenant-customers, said Wehl, the property at 545 Queen Street, in what is known as the Golden Triangle, fitted the bill of a staple income-producing asset. The building is 100% leased with a weighted average lease expiry of 4.2 years.

“Cromwell is actively seeking additional assets that will help DPF meet its objectives and benefit unitholders even further,” he said.

“There continues to be substantial opportunity to grow Cromwell’s retail funds management business and we are progressing opportunities to scale this business further,” Wehl added.

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