Cromwell set to acquire 400 George St, Brisbane for $525M

Following its recent $407.5M capital raising, Cromwell Property Group (ASX: CMW) has exchanged contracts to acquire 400 George Street, Brisbane, an A-grade office tower for $524.75M. The 35-storey building comprises of 43,978 sqm of NLA, 223 car park bays across four basement levels, a retail precinct, childcare spaces and end-of-trip facilities. The purchase appears to be driven by Brisbane’s office market recent decline in vacancy.

Constructed in 2009, the property has a 4.9-year WALE and 99.8% occupancy rate which is anchored by blue-chip corporate and state and commonwealth government tenants. Settlement is expected to occur in September, subject to Foreign Investment Review Board (FIRB) approval.

Reporting Season Week 3: Results released last week from APN Convenience Retail REIT (ASX: AQR), Charter Hall Group (ASX:CHC), Aventus Group (ASX: AVN), Stockland Corporation Ltd (ASX: SGP), Scentre Group (ASX: SCG), APN Property Group Ltd. (ASX: APD), Garda Diversified Property Fund (ASX: GDF), Viva Energy REIT Ltd (ASX: VVR), Growthpoint Properties Australia (ASX: GOZ) and Goodman Group (ASX: GMG).