Charter Hall Group's main unlisted office fund, which manages a A$1.2 billion portfolio, signed an agreement to buy Charter Hall Prime Office Fund's entire interest in the Northbank Plaza in Brisbane, Australia, The Australian reported.
Valued at nearly A$200 million, the 26,659-square-meter complex at 69 Ann St. forms part of Charter Hall's twin tower development in the city's central business district together with the building at 275 George St. It features 22 levels of office space, with 168 parking spaces and retail tenancies on the ground floor that are integrated with the adjoining property's retail offerings.
Northbank Plaza is roughly 93% leased to 11 tenants, including Telstra, Parsons Brinckerhoff and RemServ, the March 5 report noted.
The paper, citing recent valuations, noted that a half-stake in the Northbank Plaza is worth an estimated A$91.8 million.
