A German real estate investment company has purchased a large mixed-purpose Brisbane commercial property for $200 million.
The Union Investment Real Estate GmbH acquired the Flight Centre Travel Group Headquarter Development on Brisbane’s South Bank.
Union Investment was advised by DLA Piper
, which was led by real estate partner Les Koltai.
The 16 storey office building with a retail component is being developed by Brisbane's Anthony John Group as part of its $590 million Southpoint project at South Bank.
Last month Koltai told Australasian Lawyer
that the overall outlook for commercial real estate was positive.
“The signs are good that there’s an active market for investors over the next 12 months,” Koltai said.
The development is expected to be one of Queensland's largest mixed-use developments and will include a boutique hotel, apartments, restaurants, bars and an upgrade of public transport infrastructure.
The deal also involved work from several other firms representing the various parties involved.
King & Wood Mallesons
acted for South Bank Corporation.
Herbert Smith Freehills
acted for Flight Centre Limited
acted for Anthony John Group
acted for Anthony John Group in relation to Woolworths tenancy
Corrs Chambers Westgarth
acted for Woolworths
acted for the State of Queensland.
As forecasted, the commercial property sector has continued to remain healthy with another international investment in the Australian market being completed.