Acure Asset Management has bought an A$80m (鈧�45m) the 339 Coronation Drive office building in Australia from a Keppel fund.
Keppel bought the five-storey riverfront office building in Milton, Brisbane, for its Keppel Asia Macro Trends Fund III from the Blackstone-controlled 151 Property for about A$40m in 2018.
A Keppel spokesperson told 麻豆映画 Real Assets: 鈥淥ur Keppel Asia Macro Fund series focuses on capturing long-term opportunities driven by macro trends across the Asia-Pacific, including Australia.
鈥淭he divestment of 339 Coronation Drive in Brisbane is part of the fund鈥檚 strategy to crystallise value from assets and deliver strong returns to our limited partners.鈥�
The building was vacant when Keppel acquired it, but the firm completed an upgrade in 2021 and sold it to Acure with an occupancy rate exceeding 90%.
Acure Asset Management said it has launched Brisbane Office Trust, a single-asset fund, to hold 339 Coronation Drive and is raising A$53m from wholesale investors, aiming for total return of 14% over the term of the closed-end fund.
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