Firms: Minter Ellison (Brookfield Australia Funds Management Limited), Freehills (Commonwealth Property Office Fund)
Area: Property funds management
Value: $195 million
Key players: Luke Simpson acted for Freehills. Brisbane real estate partners David Stevens and Matthew Neville acted on the Minters side.
Deal significance: “Demand for space from the resources sector has seen Brisbane’s vacancy rate fall to about six per cent in the past 18 months. This makes Brisbane’s commercial office towers attractive to buyers and there is considerable activity in the market,” said Stevens.
Commonwealth Managed Investments Limited, the responsible entity of Commonwealth Property Office Fund, has acquired a 28,000sqm, A-grade, CBD office building from Brookfield Australia Funds Management Limited in an off-market transaction. The building, at 10 Eagle Street, is located in the heart of Brisbane’s ‘golden triangle’. Originally developed in 1978, the building provides 30 levels of office accommodation and three levels of car parking and is currently 92.8 per cent occupied. Brookfield is a global asset manager focused on property, renewable power and infrastructure assets with over $150 billion of assets under management.