This article is from the Australian Property Journal archive
CROMWELL Property Group has completed on its acquisition of 400 George St in Brisbane for $524.75 million.
Cromwell’s head of property Bobby Binning said the Brisbane CBD office market continues to gain momentum with sustained demand for high quality assets.
“As per our ‘Invest to Manage’ strategy, we are continuing to recycle capital from assets where we have already added significant value, such as Northpoint Tower, to new opportunities such as 400 George St. This enables us to add enterprise value through the creation of new funds with capital partners,” Binning concluded.
400 George St is a 35-level building with a total net lettable area of 43,978 sqm, it is 99.8% occupied with a 4.9-year WALE.
Lawyers Baker McKenzie acted on behalf of the vendor, HSBC Trinkaus, which sold its 50% interest that it has held since it originally acquired the site in 2007, working with its then co-owner Grosvenor on the development of the office building.
Corrs Chambers Westgarth acted for Blackstone, the other 50% owner.
Baker McKenzie’s head of real estate in Australia, David Jones said: “It was a highly complex transaction which yielded a great result and brought to an end over 12 years of work supporting our client in managing its ownership of the property.”
Jones worked with Sydney based senior associate, Tatjana Giutronich along with support provided by Brisbane special counsel, Sarah Merrett.
