M&G Real Estate buys Brisbane office for A$418

M&G Real Estate has acquired a 50 percent share of a prime Australian office development, 80 Ann St., in Brisbane’s central business district for A$418 million ($310 million).

The transaction is a partnership with Australian real estate group, Mirvac, and was made on behalf of M&G Real Estate’s core Asia property strategy, which becomes a 50 percent joint venture partner once the deal is complete.

On completion of the 31-story development in 2022, 80 Ann St. will total 645,000 square feet of floor space, with four floors dedicated to flexible working space and retail outlets on the lower and upper ground floors. It will become the new headquarters for Suncorp, which will take a 10-year lease for 430,000 square feet of space.

It is M&G’s second acquisition in Brisbane following the A$119.1 million ($87.57 million) purchase of HQ South, Fortitude Valley in July 2017. And the latest investment brings M&G Real Estate’s total exposure to Austr