The property investment arm of Australian industry superannuation fund Aware Super has bought a mixed-use asset in Brisbane for around A$150m (β¬85m).
Aware Real Estate has bought The Barracks, which will be rejuvenated to capitalise on the cityβs hosting of the 2032 Olympic Games.
βThe Barracksβ, located at 61 Petrie Terrace, comprises five interconnected buildings integrating heritage-listed Barracks with a modern A-grade office tower and a retail precinct.
Pete Carstairs, Aware Real Estateβs head of investments and capital transactions, said: βThe Barracks represents the type of strategic, high-quality urban asset that aligns with our long-term investment strategy. It offers immediate income and a clear opportunity to unlock further value through active asset management.β
Tracey Whitby, Aware Real Estateβs CEO, said: βWeβre excited by the opportunity to enhance the retail experience, improve the already high quality-office space, and partner with experienced local operators to elevate the assetβs performance.
βThis acquisition further diversifies our national portfolio and reinforces our commitment to investing in vibrant, well-connected urban precincts.β
Alek Misev, Aware Superβs head of property, said: βOur partnership with Aware Real Estate allows us to invest in high-quality assets that align with our long-term strategy to deliver strong, sustainable outcomes for our members.
βWith a property portfolio valued at more than A$2bn, weβre focused on opportunities like The Barracks that combine resilient income streams with value-creation potential.β
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