QIC Global Real Estate Sells 27-Storey Tower to Singapore for $159 Million

QIC Global Real Estate has multiplied its money in under three years by offering an office tower sitting in front of Brisbane's new Queens Wharf casino area for $159 million.

The Australian Financial Review reported last November about the possibility of the transaction. True enough, Singapore-based AEP Investment Management won the race to purchase the 27-story tower at 41 George Street from a QIC property fund which had purchased the property from the state government in 2013 for $80 million.

The deal was confirmed by QIC Global Real Estate managing director Steve Leigh.

The deal, which has now settled, reflects how costs have been ascending for business property. The Reserve Bank of Australia has made rehashed notices of the dangers in the area saying that costs have been rising while rents have been level. RBA senator Glenn Stevens has additionally proposed that foreign investors would keep on purchasing business property in Australia due to nearly better yields.

The arrangement is relied upon to demonstrate a yield of around 8.7 percent.

Different transactions all over Australia have indicated solid increases, for example, LaSalle Investment Management's sales of an office building in Sydney for more than 20 percent over the cost it paid for the property 12 months previously. 

The property is rented to the Queensland government up until 12 months before the booked opening of Echo Entertainment's Queens Wharf clubhouse and resort improvement in 2022.

Colliers International's James Barber and Jason Lynch close by Chesterton International's Shaun Douglas and Ken Lucht ran an international expressions of interest crusade and arranged the last deal.

The tower, which was purchased as a major aspect of a bigger $560 million arrangement of office structures is rented by the Queensland state government and includes around 30,000 square meters of office space.