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Charter Hall pursues GIC mandate with A$108M Brisbane, Australia, building buy

Charter Hall Group, in pursuit of a mandate from Singaporean wealth fund GIC, signed a A$108 million deal with a joint venture between Amalgamated Property Group and Morris Property Group to buy an office building in Brisbane, Australia, The Australian Financial Review reported.

The CBRE-brokered deal was struck on a 6.75% yield, the publication noted.

The 20,000-square-meter property at 343 Albert St. is leased to tenants including the Department of Human Services, Canstar, Pragmatic Training and the South East Queensland Office of Lord Mayors. According to the May 17 report, the site of the building carries an approval for a roughly 50,000-square-meter office development.