UBS Asset Management acquires prime office asset in Brisbane on behalf of private client

UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM), on behalf of a private client, has acquired 299 Adelaide Street, a prime office asset in Brisbane, Australia. The building, constructed in 2007, comprises a total of 9,000 square meters (96,875 square feet) across 10 floors and benefits from significant recent upgrades to its facilities and lobby areas.

“This acquisition represents a compelling investment in a high-quality asset, offering a secure income stream and attractive long-term yields in line with our wider strategy of identifying strong assets around the world that offer attractive risk-adjusted returns,” said John Mowat, head of real estate Australia at UBS-AM REPM. “We’re pleased to acquire on behalf of our client such a modern, sustainable office unit in a sought-after and valuable location, with WAULT, environmental credentials and property ratings all underlining the investment appeal and strength of the completed acquisition.”