Hines is investing around A$210m (€133m) on behalf of its newly-launched Hines Asia Property Partners (HAPP) fund to buy a fully-leased office building in Brisbane from ESR Australia.

ESR Australia inherited the State Law Building office tower at 50 Ann Street when it took over Propertylink in 2019. The property was acquired for A$145m in 2017.

Both ESR and Hines have declined to comment on the transaction.

A person familiar with the matter told IPE the office block was under contract to Hines, which was acquiring it for the recently launched Cadillac Fairview-backed core-plus Asian fund HAPP.

HAPP will be a multi-sector, open-ended diversified vehicle targetting top-tier markets in Japan, Australia, South Korea, Singapore and China, including Hong Kong.

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