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Lendlease sells stake in office tower to Deka for A$380M

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Lendlease sells stake in office tower to Deka for A$380M

LendLease Group sold its 50% stake in an A-grade office tower in Brisbane's central business district to Deka Immobilien Investments for A$380 million, The Australian reported.

The 32,000-square-meter property at 66 Eagle St. was listed in September 2019 by co-owners Lendlease's Australian Prime Property Fund Commercial and Abu Dhabi Investment Authority.

According to the Jan. 14 report, Deka entered into due diligence of the building in November 2019. The German investment firm's offer for the building in the central business district's "golden triangle" was A$10 million above market expectations.

Abu Dhabi Investment Authority is also looking to dispose of its stake in the property.

Cushman & Wakefield and JLL brokered the deal.