ISPT, the asset manager owned by Australian industry super funds, has sold an office building in Brisbane to local property investor Quintessential for A$175.85m (β¬99m).
Quintessentialβs CEO, Justin Mills, said the acquisition of the 12-storey Green Square North Tower was βa once-in-a-cycleβ opportunity. He said the institutional-grade asset located in the inner city suburb of Fortitude Valley was acquired at a very attractive price, in a market where traditional players remained on the sidelines.
Noah Warren, Quintessentialβs chief operating officer, added: βWe were extremely proactive, leveraging our technical and asset management capability in due diligence. Having pre-existing relationships in the Brisbane market allowed us to accelerate discussions around lease renewals.β
Quintessentialβs head of capital, Daniel Colman, said: βThe property [Green Square North Tower] itself has all the key attributes needed to win the race to the tenant, being well located with excellent surrounding amenity and transport connectivity. Investors understand how important this is to protect income distributions and drive investment returns.β
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