Minter Ellison advised Brookfield Australia Funds Management Limited on sale of Brisbane's 'gold' tower
June, 2012 - Sydney, New South Wales
Minter Ellison advised Brookfield Australia Funds Management Limited on the A$195 million off-market sale of its office tower at 10 Eagle Street, Brisbane, to Commonwealth Managed Investments Limited, the responsible entity of Commonwealth Property Office Fund.
The building – colloquially known as the 'gold' tower – is a 28,000 sqm, A-grade, office building located in the heart of Brisbane’s CBD. Originally developed in 1978, the building provides 30 levels of office accommodation and 3 levels of car parking, and is currently 92.8% occupied.
Brookfield, a major relationship client of Minter Ellison nationally, is a global asset manager focused on property, renewable power and infrastructure assets and has over A$150 billion of assets under management. In Australia, Brookfield’s operating platforms include infrastructure, commercial office, construction, services and residential development.
The lead partner on this transaction was David Stevens. "Demand for space from the resources sector has seen Brisbane’s vacancy rate fall to about 6 per cent in the past 18 months. This makes Brisbane’s commercial office towers attractive to buyers and there is considerable activity in the market," he said.
