Cromwell Property has sold an office tower in Australia for A$108.5m (€71m) to Melbourne-based private investment house Wingate.

Cromwell said the price achieved for the 200 Mary Street asset in Brisbane, represented a premium to book value of 8.1% after settlement adjustments.

The asset sale was part of Cromwell’s strategy to sell non-core assets in its transition to a capital-light funds management business in the future.

The Australian company’s CIO, Rob Percy, said: “We have created significant value through repositioning the asset and, with high-quality tenants and long-term leases in place.”

He said it was the right time to capture significant upside and unlock the value achieved.

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