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Korean investor buys Australian office building

by Andrea Waitrovich

AXA Investment Managers – Real Assets, on behalf of South Korea’s $11.4 billion Teachers Pension Fund, has purchased the Green Square office building in Brisbane, Australia, for more than A$200 million ($154 billion). The seller was Industry Superannuation Property Trust.

Green Square totals approximately 190,000 square feet and spans five stories.

The Korean pension fund aims to increase its foreign investment exposure to more than 10 percent from 5 percent.

Australia was ranked the fourth most stable and secure country for cross-border real estate investment, according to the Association of Foreign Investors in Real Estate’s 2017 survey. The continent jumped from the fifth seed in the previous year’s survey. Australia also was ranked fifth as a country providing the best opportunity for capital appreciation.

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