Deka Immobilien has sold a property from the portfolio of its open-ended real estate public fund Deka-ImmobilienGlobal. The property in question is an office skyscraper in Brisbane, the capital of Queensland, Australia. The buyer is the Australian real estate investment manager The GPT Group. The transaction involves a purchase price of approximately 380 million Australian dollars, which corresponds to around 235 million euros. This amount is net of incentives to be granted to existing tenants in the future.
The asset, known as "Central Plaza 2", was originally constructed in 1990. Deka Immobilien acquired the prestigious property in 2020, immediately after a comprehensive refurbishment, and integrated it into its fund portfolio. The property offers approximately 32,000 square metres of lettable area and has 211 parking spaces.
Strategic Location and Use
The property's address is 66 Eagle Street, a prominent location within the so-called "Golden Triangle" in Brisbane's central business district. This site is considered one of the city's most important business areas. The office skyscraper boasts a high occupancy rate, with almost full utilisation by a total of 25 users. The main tenant is the Australian institutional asset manager and sovereign wealth fund Queensland Investment Corporation (QIC).
It is known that the main tenant QIC will vacate the property in the near future. The fund management of Deka-ImmobilienGlobal has strategically utilised the sale in this context. The disposal takes place against the backdrop of an improved market environment for office properties in Australia. This step is intended to proactively avoid potential re-letting risks that could arise from the main tenant's departure.
Fund Strategy and Reinvestment
Deka Immobilien pursues a strategy with Deka-ImmobilienGlobal that aims to actively leverage global real estate cycles. The proceeds from the transaction are to be reinvested in accordance with the fund's strategy. This approach enables the fund to react to changes in global real estate markets and adjust the portfolio accordingly to create long-term value.
- —Property: Office skyscraper "Central Plaza 2", 66 Eagle Street, Brisbane
- —Seller: Deka Immobilien (from Deka-ImmobilienGlobal)
- —Buyer: The GPT Group, Australia
- —Area: approx. 32,000 sqm lettable, 211 parking spaces
