Deka Immobilien has sold a high-rise office building in the central business district of Brisbane, the capital of Queensland in Australia, to the Australian real estate investment manager The GPT Group. The property from the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal changed hands for around 380 million Australian dollars (around 235 million euros). This price is calculated after deducting incentives to be granted to existing tenants in the future.
Deka Immobilien had secured the prestigious property, which was built in 1990, immediately after its renovation in 2020. The property comprises around 32,000 sqm of lettable space and 211 parking spaces. The property, known locally as “Central Plaza 2”, is located at 66 Eagle Street, in the so-called “Golden Triangle” of the central business district. The property is almost fully occupied by 25 users. The main tenant is the Australian institutional asset manager and sovereign wealth fund Queensland Investment Corporation (QIC), which will leave the property in the near future.
With the sale, the fund management of Deka-ImmobilienGlobal is taking advantage of the improved market environment for office properties in Australia to avoid re-letting risks in the property. The fund plans to make use of the global real estate cycles to reinvest the proceeds.
