Singapore investor buys Australia office for $113m
Singapore-based AEP IM has acquired Mineral House in Brisbane, Australia, for $113 million from Australia-based QIC. The 317,151-square-foot office building is 100 percent leased to the Queensland government.
The transaction follows a sale by QIC to a separate Singapore investor. Wee Hur Holdings paid more than $46 million for the Primary Industries Building in Brisbane.
Investors are continuing to pursue cross-border investments, and Australia was ranked as the fifth most stable and secure country for foreign real estate investment, according to the 24th annual survey taken among the members of the Association of Foreign Investors in Real Estate. Australia was unranked in the previous year’s survey.
And, according to Real Capital Analytics, more than $28.4 billion was spent in cross-border investments from Singapore.
While fourth quarter 2015 data is not yet available, CBRE reports offshore investors dominated commercial property sales