Charter Hall Group and PSP Investments announce a further partnership

Charter Hall Group and the Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investment managers, have extended their 11-year relationship to acquire a development project under construction in Brisbane, Australia.

The property, located at 31 Duncan Street, within the CBD Fortitude Valley precinct, comprises a 25,000-square-meter (269,100-square-foot) office development and a 464-space public carpark, currently under construction by national contractor Hutchinson Builders. The vendor has secured 70 percent leasing pre-commitments and will provide a rent guarantee over the balance of the space, with subsequent secured lease terms determining the final cost of the investment to the Charter Hall partnership.

The vendor is a private partnership that purchased the public carpark several years ago, gained planning approval for a new office building constructed above the carpark and secured several pre-commitments to bring total pre-lea