AEPim unit buys Brisbane CBD office tower

Singapore

A PRIVATE property fund managed by Singapore-based AEP Investment Management (AEPim) has picked up a 27-storey freehold office tower in the Brisbane CBD for A$159 million (S$160.7 million).

The price for 41 George Street works out to A$5,307 per square metre or A$493 per square foot based on a net lettable area of 29,960 sq m (322,486 sq ft). The yield works out to about 8.5 per cent.

The property was sold by Queensland Investment Corporation.

It has been acquired by Basil Property Trust, set up by AEPim and for which it is also the trustee manager. The building is almost entirely leased to the Queensland government, with a…