Daiken Investment Australia, part of a Taiwanese digital health group, has made its maiden investment in Australia with the purchase of an office building in Brisbane from Melbourne-headquartered real estate asset manager Forza Capital for A$81m (鈧�51m).
The office building in the northeastern Australian city was held by the Forza Browning Street Fund, which acquired it in 2016 for A$65.5m. It had previously generated an average 8% per annum cashflow for investors.
The Taiwanese investor said it was capitalising on the growth cycle leading up to the Brisbane 2032 Olympics, and that it had set its sights strategically on the Southeast Queensland corridor.
Adam Murchie, co-founder of Forza Capital, said the firm believed now was an optimal time for the trust鈥檚 investors to liquidate their capital and seek alternative investments during this opportunistic cycle.
Colliers Asia Markets director Tony Wang said: 鈥淭he purchaser was attracted to the underlying fundamentals of the asset and the long-term potential of the site.鈥�
The sales campaign generated significant interest both domestically and offshore from a wide range of parties across institutional groups, syndicators and private investors, added Mike Walsh, joint managing partner and co-founder of MP Commercial, the joint marketing agent.
Colliers Queensland capital markets associate director Sam Arkell said: 鈥淏risbane鈥檚 office market continues to be one of the strongest-performing markets nationally, underpinned by robust rental growth, tightening vacancy rates, and sustained investor demand across both the CBD and near-city precincts.鈥�
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