Union Investment has sold the Southpoint Commercial building in Brisbane, Australia, to LDR Capital, the real estate investment arm of the Lederer Group, one of Australia’s largest family offices. The sale price is above the most recent expert valuation. Union Investment acquired the property as a forward-funded development in 2014 for its open-end real estate fund UniImmo: Europa.
“This transaction reflects the continued depth of investor demand for best-in-class office assets in Brisbane, amid improving office fundamentals. Southpoint Commercial has performed strongly for our fund, and we’re proud of the value we’ve created via the successful implementation of planned asset management initiatives. We wish the new owner continued success,” said Christopher Tay, director and head of Asia Pacific transactions at Union Investment.
Southpoint Commercial is located in the South Bank precinct, on the southern bank of the Brisbane River. Completed in 2016, the prop
