This article is from the Australian Property Journal archive
CROMWELL yesterday confirmed that it will settle the purchase of the Energex Building this month.
The property will be held by the Cromwell Riverpark Trust, an unlisted single property trust managed by Cromwell Group.
Cromwell entered into a deal with FKP in February this year to buy the Energex Building at 33 Breakfast Creek, Newstead Brisbane for $173 million.
Cromwell launched a PDS for CRT to raise up to $91 million.
Under the agreement, the CRT will acquire the land, fund the construction and retain the asset upon completion at a total cost of approximately $173 million and FKP will construct the building, with completion expected in June 2010.
Once completed, the 30,904 sqm commercial office and retail building will become the new corporate headquarters of Energex Limited and Queensland. The building design was awarded a Six Star Green Star Certified Rating under the Green Building Council of Australia.
Australian Property Journal
