Deka Immobilien has sold the “66 Eagle Street” office tower in Brisbane, the capital of the Australian state of Queensland, to Australian real estate investment manager GPT Group. The property formed part of the portfolio of the Deka-ImmobilienGlobal open-ended real estate fund. The net sale price amounts to approximately 380 million Australian dollars, equivalent to around 235 million euros, and already takes into account future incentives for existing tenants.
Built in 1990 and refurbished in 2020, the property is known locally as “Central Plaza 2”. Deka Immobilien acquired the property immediately following its refurbishment in 2020. The office tower is located in the “Golden Triangle”, the financial and commercial heart of Brisbane’s Central Business District. It provides approximately 32,000 sqm of lettable space and 211 car parking spaces. The property is almost fully let to 25 tenants, predominantly from the financial and business sectors.
The anchor tenant is Queensland Investment Corporation (QIC), an Australian institutional investment manager and sovereign wealth fund, which will vacate its premises in the future. Through the sale, the fund management of Deka-ImmobilienGlobal is taking advantage of the improved market environment for office properties in Australia while reducing reletting risk. The fund plans to reinvest the proceeds by taking advantage of different real estate cycles around the world.
