Shayher Group has bought the Q&A Centre mixed-use complex in Brisbane from QIC Global Real Estate for A$395m (€243m).
Taiwanese-owned Shayher expanded to Australia in 2000 and has since been one of Australia’s most active investors and developers, especially in Brisbane, where it has a long pipeline of projects, a number with a final value of more than A$1bn.
The Q&A complex, which has been in the QIC portfolio since 1994, is currently 79% leased to tenants including the Commonwealth of Australia, National Australia Bank and Citibank.
Michael O’Brien, managing director of QIC Global Real Estate, said: “Our divestment of Q&A Centre represents successful execution of QIC Global Real Estate’s investor-endorsed strategy for the QIC Property Fund.”
O’Brien said Q&A Centre was the last predominantly office asset remaining in the QIC Property Fund.
The wholesale fund sold a regional shopping centre in Queensland last month to a private investor for A$250m. It also sold 80 Collins Street in Melbourne central business district to Dexus, Australia’s largest commercial office owner, for A$1.4bn in May this year.