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Fortius to purchase Brisbane, Australia, mixed-use asset for over A$160M

Fortius Funds Management Pty. Ltd., through its unlisted Fortius Brisbane Barracks Trust vehicle, plans to acquire The Barracks mixed-use development in Brisbane, Australia, from financial services provider Challenger for upwards of A$160 million, The Australian reported.

The fund manager is reaching out to wholesale investors to receive funding injections into its trust for the 61 Petrie Terrace asset, which is under due diligence by Fortius, the Oct. 14 report added.

The Barracks complex is 90.4% occupied by office and retail tenants, with a weighted average lease expiry of 5.3 years.

Challenger picked up the mixed-use asset for approximately A$144.0 million from Property Solutions Pty. Ltd. and QM Properties Pty. Ltd. in late 2014, and invested additional capital into reworking the office and retail elements in the complex, taking its total commitment to roughly A$153.9 million.

CBRE and Colliers International are assisting with the transaction, according to the report.