The billion-dollar Cromwell Direct Property Fund (DPF) has acquired an office building Brisbane business district for A$117.5m (鈧�75.5m).
Cromwell鈥檚 head of retail funds management, Hamish Wehl, said it was challenging for investors to find opportunities that meet their income needs in the current environment.
With 88% of income derived from government, listed or multinational tenant-customers, said Wehl, the property at 545 Queen Street, in what is known as the Golden Triangle, fitted the bill of a staple income-producing asset. The building is 100% leased with a weighted average lease expiry of 4.2 years.
鈥淐romwell is actively seeking additional assets that will help DPF meet its objectives and benefit unitholders even further,鈥� he said.
鈥淭here continues to be substantial opportunity to grow Cromwell鈥檚 retail funds management business and we are progressing opportunities to scale this business further,鈥� Wehl added.
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