LaSalle sells office and retail property in South Brisbane
SYDNEY September 30, 2015 – LaSalle Investment Management (“LaSalle”) today announced that on behalf of LaSalle Asia Opportunity Fund IV (LAOF IV) it has agreed to sell 153 Stanley Street in Brisbane to a fund managed by AMP Capital for AU$26.3 million.
Located in South Brisbane near the iconic South Bank Parklands, the asset has convenient transport links to surrounding suburbs and to the Brisbane CBD located 1.5 kilometres from the asset. 153 Stanley Street is a boutique office and retail building with a net lettable area of 3,293 square metres extending over three levels. The asset was acquired in December 2014 for LaSalle Asia Opportunity Fund IV as part of a six asset portfolio transaction from Lend Lease.
LaSalle Australia Head of Asset Management, Simon Howard commented, “The divestment of 153 Stanley Street is testament to LaSalle’s ability to identify opportunities, execute on strategy and generate attractive investment outcomes for our capital partners. This transaction represents the second successful divestment from this portfolio and we look forward to returning capital to investors of LaSalle Asia Opportunity Fund IV”.
“Furthermore, we are especially pleased to have secured a major new tenant for this asset pre-divestment, in a particularly challenging leasing market, allowing us to create such significant value for our investors.”
LaSalle Asia Opportunity Fund IV is the fourth in a series of successful opportunity funds launched by LaSalle for the Asia Pacific region, focused on building a diversified portfolio of assets in Australia, China, Japan and South Korea. LaSalle was established in Asia Pacific in 2000 and is now one of the most recognized names in real estate investment management in the region. It currently manages AUD$75.0 billion in real estate assets globally including AUD$2.8 billion in Australia on behalf of a range of separate accounts, clubs and comingled funds.
Colliers International was the broker for the transaction.