BRISBANE, AUSTRALIA-The Hines Global REIT has purchased the 105,637-square-foot office at 100 Brookes St. Local firm Anthony John Group sold the building for $67.6 million.
Global firm Bechtel leases the entire building for its mining and metals headquarters, with a term running until January 2018. The six-story building, which was built in 2008, also includes four basement levels of parking.
This is the second Australian property bought by the REIT, after the first-quarter buy of 144 Montague Rd. here, occupied by Ausenco Ltd., for $91.6 million. Hines officials said in a statement that the trust will continue to look at Australia for office acquisitions.
“We were attracted to this opportunity due to the project’s desirable location in Fortitude Valley, (and its) recent construction and strong credit tenancy,” said Charles Hazen, president and CEO of the trust. “This investment will further diversify the Global REIT portfolio through exposure to a stable and growing economy in Australia, where cap rates have yet to compress as they have in the US.”
The Australian investment manager on the deal was Challenger Management services. CBRE represented the seller, and Hines, based in Houston, represented its trust.
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