Growthpoint buys Bank of Queensland headquarters for $ 250m

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

Sydney

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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