Daiken Investment Australia, a subsidiary of Taiwanese digital health company Daiken Biomedical, has acquired an office building in Brisbane, Australia, from Forza Capital for A$81 million ($55.93 million), according to IPE Real Assets.
The acquisition of 10 Browning St. in South Brisbane marks Daiken’s first property investment in Australia. The fully leased, class A office building comprises approximately 120,352 square feet and occupies a 49,127-square-foot site.
The property was held by the Forza Browning Street Fund, which acquired it in 2016 for A$65.5 million ($45.23 million). The investment generated an average annual cash flow return of 8 percent for investors, according to Forza Capital.
Daiken said the acquisition reflects its strategy of investing in Southeast Queensland ahead of the 2032 Brisbane Olympic Games.
