M&G Real Estate makes first acquisition in Brisbane

M&G Real Estate Asia has acquired HQ South, a class A office building in Brisbane, Australia, for A$119.1 million ($90.9 million). The transaction was made on behalf of its core Asia property strategy.

The acquisition is the firm’s first investment entry into the Brisbane market. It is also the fifth acquisition for the firm’s core Asia property strategy has made this year.

HQ South comprises seven office floors, with one floor dedicated to retail and 207 parking lots.

M&G’s core Asia property strategy has significantly gained in size and scale over the last few years with more than $3 billion in assets as of 30 March 2017. It remains one of the largest, core, open-ended institutional property funds solely investing in Asia Pacific with 25 assets across Australia, Hong Kong, Japan, Singapore and South Korea. In July, M&G appointed Richard van den Berg and Robert Walker as fund manager and non-executive director of the strategy respectively.