Centuria Property Funds No. 2 Limited, managed by Australian-listed Centuria Capital, has agreed to buy an office building in Brisbane, Australia, from U.S.-based Hines for A$89 million ($59.9 million).
The acquisition will generate a new fund for Centuria’s unlisted division, with an expected launch date this month.
The office is located at 348 Edward Street in the Brisbane CBD and is 89 percent occupied.
348 Edward Street enjoys close proximity to Brisbane’s Central Railway Station, the CBD’s primary transport node, and is located near Queens Plaza Shopping Centre. The property is also within easy walking distance to the new King George Bus interchange.
In 2016, Hines acquired 348 Edward Street, a 119,000-square-foot office asset. The 15-story office building was built in 1986 and was refurbished in 2007.
