Australian property fund manager ISPT has sold a retail mall in central Brisbane for A$145m (€86m) to a local private investor.
Acquired by ISPT Core Fund in 2011, the asset at 170 Queen Street underwent an extensive redevelopment in 2016.
Brett Williams, ISPT Core Fund Manager said the asset was repositioned following the makeover.
“The sale is consistent with the ISPT Core Fund’s portfolio curation strategy which will see the proceeds reinvested into the fund’s existing development pipeline,” he said.
ISPT continues to hold assets across Queensland including on Queen Street Mall with 150 Elizabeth Street, Wintergarden, 155 Queen Street, Hilton Hotel and Uptown which is jointly owned with Vicinity.
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