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Union Investment has sold the Southpoint Commercial office building in Brisbane, Australia, to LDR Capital. The real estate fund company is part of the Lederer Group, one of Australia's largest family offices. The sale price is higher than the most recent appraisal value. Union Investment acquired the property as a project development in 2014 for its open-ended real estate fund UniImmo: Europa.
Southpoint Commercial is located in the South Bank precinct on the south bank of the Brisbane River. Completed in 2016, the property has a total lettable area of 28,068 sq m, consisting of 23,702 sq m of office space and 4,366 sq m of retail space. The property is currently 100% leased and serves as the global headquarters of ASX 200 companies Flight Centre Travel Group and Virgin Australia. Flight Centre has just recently signed a new ten-year lease (from October 2026).
"Southpoint Commercial has achieved an attractive performance for our fund over the holding period of around twelve years. We have now taken advantage of the improving fundamentals in Brisbane's office market to sell the property profitably for portfolio strategic reasons," says Karim Esch, Head of Real Estate Management and Member of the Management Board of Union Investment Real Estate GmbH.
Union Investment currently holds three properties worth EUR 246.2 million in its funds – in Sydney, Tokyo and Seoul, minus the sale in the Asia-Pacific region. Despite the exit in Brisbane, the Asia-Pacific region remains a long-term strategic investment focus for the Hamburg-based real estate investment and asset manager.
Union Investment was advised on the sale by BNP Paribas Asset Management.
