TrustCapital Advisors is looking to sell $700m (€483m) worth of Australian office assets.

The Singapore-based fund manager has hired CBRE and JLL to market the five buildings, which are held by two of its funds.

CBRE said they were being sold “in accordance with the funds’ strategy and intended timeline”.

IPE Real Estate understands that three of the properties – 150 Chartlotte Street in Brisbane, and 469 La Trobe Street and 850 Collins Street in Melbourne – are held by CIMB TrustCapital Australian Office Fund No 1. The two other assets are 50 Pitt Street in Sydney and 575 Bourke Street in Melbourne.

CIMB TrustCapital Office Fund No 1 and its successor were launched by TrustCapital and Malaysia-based CIMB.

TrustCapital is now the sole manager of the funds after CIMB left the joint venture. Last year, Malaysia’s Employees Provident Fund (EPF) bought CIMB’s stakes in the two funds.

TrustCapital has been selling assets bought by the funds. Earlier this year, it sold 50 Marcus Clarke Street in Canberra, which it owned jointly with EPF.

The assets, which will be made available individually or as an entire porfolio, are expected to generate interest from domestic and offshore investors.

Mark Coster, senior managing director at CBRE, said: “This is the best quality east coast portfolio that’s come to the market in relation to quality, geographic spread and scale.

“For portfolio buyers, the campaign provides an opportunity to gain obtain immediate scale with prime assets across Australia’s three major cities.

“Strong interest is also expected in the individual assets, which are each well positioned to capitalise on market conditions in their particular locations.”

The Australian office market continues to generate a high level of transaction activity. This week, IPE Real Estate reported that Singapore-based SC Capital Partners had purchased an office tower in Sydney for AUD158m.

Deutsche Asset Management today announced that it had acquired an office in Brisbane’s central business district on behalf of a European investment account.

The grade-A property at 120 Edward Street has 15,200sqm of space spread over 23 levels.

Victoria Sharpe, head of alternatives for Asia-Pacific at Deutsche Asset Management, said: “Brisbane displays good market fundamentals for growth in the medium-to-long term, driving interest from offshore investors.

“We see this as a strong investment in the Brisbane office market, given the building location, quality and diverse tenant mix.”

The investment follows the recent acquisition of four logistics facilities across Melbourne and Brisbane by Deutsche Asset Management.