Union Investment has sold the “Southpoint Commercial” office building in Brisbane, Australia, to LDR Capital. The acquirer, LDR Capital, is a real estate fund management company and part of the Lederer Group, one of Australia's most significant family offices. The sale price achieved exceeded the most recently determined expert valuation of the property.
Union Investment acquired the property in 2014 as a development project for its open-ended real estate retail fund UniImmo: Europa. The completion of “Southpoint Commercial” took place in 2016. The property is located in the South Bank precinct on the southern bank of the Brisbane River and is considered strategically well-situated.
Property Details and Portfolio Strategy
The property boasts a total lettable area of 28,068 square metres. This is divided into 23,702 square metres of office space and 4,366 square metres of retail space. At the time of sale, the property was fully let. It serves, among other things, as the global headquarters for ASX 200 companies Flight Centre Travel Group and Virgin Australia. Flight Centre recently signed a new ten-year lease, effective from October 2026.
Karim Esch, Head of Real Estate Management and Member of the Management Board of Union Investment Real Estate GmbH, stated that “Southpoint Commercial” generated attractive performance for the fund over its holding period of approximately twelve years. He emphasised that the improving fundamentals of the Brisbane office market were utilised to sell the property profitably for portfolio-strategic reasons.
Union Investment was advised by BNP Paribas Asset Management for the sale. Following this transaction, Union Investment still holds three properties in the Asia-Pacific region within its funds, with a total value of 246.2 million EUR. These properties are located in Sydney, Tokyo and Seoul. Despite the exit in Brisbane, the Asia-Pacific region remains a long-term strategic investment focus for the Hamburg-based real estate investment and asset manager.
