ISPT banks $230m from office stake
ISPT has sold a half interest in a prominent Brisbane’s CBD skyscraper, ending 18 years of sole ownership.
Singapore-based Aravest, led locally by Matthew Egan, is buying the Central Plaza stake, for c$230 million.
It is the first asset the asset managers will co-own.
ISPT will stay on as manager.
JLL’s Paul Noonan, Seb Turnbull, Jack Sullivan and Kate Low were the agents.
Central Plaza
On 2979 square metres at 345 Queen Street, also exposed to Creek St and Eagle Lane, the Kisho Kurokawa Central Plaza, developed in the 1980s and for years known as Central Plaza 1, rises 40 floors over a four level basement car park.
Following a refurbishment between 2016-2018, the 40,446 sqm of lettable area is rated A-grade.
The asset is expected to be upgraded again.
Japanese investment
The deal comes five weeks since we reported ISPT sold a Parramatta office with a 28 per cent vacancy, for $83m.
It and Central Plaza came out of the Core Fund.
Aravest, owned by Japan’s Sumitomo Mitsui Finance and Leasing Co and Japanese fund manager Kenedix, manages a c$14b portfolio internationally, also with hospitality, residential and retail, in 22 private vehicles.
ESR sold the ARA Private Funds business to the group in 2014 for c$410m.
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