Wednesday , June 7 2023

Growthpoint buys Bank of Queensland headquarters for $ 250m


Tim Collyer, CEO of Growthpoint.
Tim Collyer, CEO of Growthpoint.

Listed Growthpoint Properties Australia has built the Bank of Queensland headquarters building in Brisbane from two Charter Hall funds for $ 250 million.

Purchasing a Class A office at Newstead's 100 Skyring Terrace requires a partial increase of approximately $ 135 million in equity.

Australian Flagged last month's purchases brokered by CBRE's Flint Davidson, Bruce Baker and Tom Phipps.

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Growthpoint has entered into a rare, unsigned agreement for a 17.65 irrevocable right to reduce the right that South African parent Growthpoint Properties has agreed to take over the entire right of approximately $ 89m.

The building was sold at an initial yield of 6.1% and has a weighted average lease expiration period of seven and a half years.

The Bank of Queensland and Collection House are fully occupied with an annual average household rent review of 3.9%.

Completed in 2014, this building occupies 24,665 square meters of space across a large floor plate. Buildings with a NABERS energy rating of 5.5 and a Green Star of 5 are designed by ML Designs and are suitable for Bates Smart.

Timothy Collyer, managing director at Growthpoint, said it is part of a group's strategy to secure high-quality, modern assets in key markets with long-term WALE and fixed rental increases.

"This acquisition further proves Growthpoint's ability to diversify its high-quality portfolio and create and execute high-quality cross-sector deals."

The offer was $ 3.46 per security and the final closing price was 4.2% off $ 3.61.

Goldman Sachs is a lead manager and bookrunner.

This transaction will provide Growthpoint with an annual funding increase of 2.29% to 2019, and the trust will improve FDO guidance from at least 24.6 cents per security to more than 24.8 cents per security.

Commercial property claimant


Ben Wilmot has been a member of The Australian Commercial Property Editor since 2013. Previously, he was a real estate reporter for Australian Financial Review.

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