PGIM Real Estate today confirmed the $54.5 million purchase of 444 Queen Street, in Brisbane’s CBD.
The property was offloaded by Abacus Property Group, which held a 67 per cent stake, and the Public Trustee of Queensland.
Over 22 floors it contains 13,967 square metres of area and 72 car parks.
The 1708 sqm block was marketed for its development upside.
In May, we reported PGIM acquired 307 Queen St in a partnership with Fortius Funds Management; for $214m.
The landlord, the real estate investment arm of Prudential Financial, also controls 130 Queen St with Marquette Properties.
“We are confident in Brisbane’s longer-term fundamentals, driven by strong interstate migration, continued infrastructure spend and increasing offshore investor interest, particularly with the city recently announced to host the 2032 Olympics,” PGIM managing director and head of Australia Steve Bulloch said.
“The ability to acquire a Queen St building at this rate ($3,895 per sqm) provides an opportunity for us to execute our strategy of repositioning well located but tired assets to meet the needs of future tenants,” he added.
The group intends to reposition the existing structure as an A-grade investment.
“In addition to its recent deals, PGIM…has played a prominent role in several iconic Brisbane projects such as the financing of Howard Smith Wharves as well as Silverstone’s successful Newstead office project,” a statement said.
“Most recently it has also backed a luxury Kangaroo Point residential project and a mixed-use development in Toowong,” it added (story continues below).
“Previously PGIM was responsible for the transformation of 215 Adelaide St”.
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