Propertylink Group, the Sydney-listed investment fund manager, has acquired an office asset in Brisbane in partnership with Goldman Sachs for $145 million.
Propertylink made a 25 percent co-investment in the 25-story office at 50 Ann Street with the remainder acquired through an expansion of its Propertylink Enhanced Partnership (PEP) fund. Assets under management of the expanded PEP mandate will increase to $293 million.
Last August Propertylink and Goldman Sachs acquired a portfolio of logistics and warehouse assets from Denison Funds Management for A$142 via the Goldman Sachs-backed PEP.
“We are delighted to further expand our strong relationship with Goldman Sachs through the acquisition of 50 Ann Street Brisbane, bringing the value of transactions executed under this partnership to over $1 billion,” commented Propertylink chie executive, Stuart Dawes.
50 Ann Street property has a total lettable area around 275,000 square feet and includes 119 basement car spaces. The property is currently fully leased to the Queensland State Government with a remaining lease term of 3.5 years.
“The Brisbane CBD has reported its eighth consecutive quarter of positive net absorption, with increased demand and limited supply expected to drive rental growth over the coming years,” added Propertylink’s head of property, Peter McDonald.
The transaction, expected to complete in May, will bring Propertylink’s funds under management to $1.2 billion, including exposure to over $725 million of office assets.