Paul Lederer secures another office
Paul Lederer is buying another office – this time in Adelaide.
Via LDR Capital, the executive is paying c$200 million for the commercial component of the Market Square project, which is under construction.
The nine level, 22,731 square metre building is 57 pre-committed to law firm Thomson Geer and the state government.
Completion is scheduled next year.
ICD Property is the seller.
Last year realestatesource.com.au sold a shopping centre component, marketed as Market Square Retail, for c$45m to ICAM.
It won a state government tender to co-develop Market Square in 2019.
With a $600m end value, it will also include retail, a hotel and 234 apartments (continues below).
The deal comes four weeks since realestatesource.com.au reported LDR Capital was buying Brisbane’s Southport office in South Bank.
That seller was Hamburg based Union Investment Real Estate.
The price is speculated to be $255m or $214.8m after adjustments.
Last year the billionaire co-founder of Primo Smallgoods and co-owner of Western Sydney Wanderers Football Club picked up a campus style Canberra office.
Mirvac was that vendor.
That deal is understood to be worth c$305m.
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