The Swiss AFIAA Foundation for International Real Estate Investments has broadened its commitment to the Australian real estate market with an asset swap.
The company has bought the office located at 628 Bourke St. in Melbourne for its property portfolio for approximately A$181 million ($144 million). Built in 1989, the property totals 251,876 square feet of office space and 10,118 square feet of retail space.
The seller is M&G Real Estate Asia.
In return, AFIAA sold its “HQ South” office building at 520 Wickham St. (Fortitude Valley) in Brisbane, which totals 150,695 square feet, to the investor for A$119 million ($95 million).
AFIAA is planning further acquisitions in central metropolitan locations as part of its “2016+” strategy. It is aiming for a portfolio volume of CHF 3.0 billion ($3.12 billion) by 2021. Potential properties also include real estate with development potential, whose value is to be enhanced by active asset management usi
