Investa Commercial Property Fund (ICPF) has bought an office building in the Australian capital, Canberra, for around A$275m (€191m) from Capital Property.

The unlisted fund has acquired 220 London Circuit, a 22,300sqm asset which forms part of Constitution Place, a two-building mixed-use complex completed last year.

The five-level building, which has an 18.5-year weighted average lease expiry, is predominantly leased to the ACT Government until 2041.

ICPF Fund Manager, Brendan Looby, said: “220 London Circuit is a prime asset in this highly desirable location. The acquisition delivers on ICPF’s strategy of owning prime assets with leading ESG credentials in core locations.”

Jason Leong, head of investment management at Investa, said the investment in Canberra would provide ICPF investors with further diversification and exposure to office markets in key geographies.

“Delivering secure cashflow is a core part of ICPF’s strategy,” he said.

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