US-based Pramerica Buys 575 Bourke Street, Melbourne, For Speculated $75 Million

The group paid about $100 million earlier this year for an office at 215 Adelaide Street, in Brisbane. It also paid $130 million for an office building at 595 Collins Street in Melbourne, and $113 million for a half-share of Coca Cola Place at 40 Mount Street, North Sydney.

The Bourke Street office was part of a portfolio of office and industrial assets worth $625 million that is being sold down.

Valad announced in February 2011 it would focus on direct property ownership and exit its national funds management business.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of