Leading fund manager ISPT has finalised the sale of a 50 percent stake in Central Plaza, Brisbane to Aravest, a leading Singaporean asset management firm.
ISPT will retain the remaining ownership stake of the 40-level A-Grade office asset, which was designed by Japanese architect Kisho Kurokawa and built in 1988. ISPT acquired the asset in 2008.
Aravest, together with a small group of strategic investors, identified Central Plaza 1 as a prime asset that will benefit greatly from the strengthening market fundamentals of the Brisbane CBD.
The sale aligns with ISPT’s strategy of recycling capital, whilst retaining a significant investment in the Brisbane market across assets like 1 William Street.
ISPT will continue as Asset Manager and will work closely with Aravest to maximise the value of Central Plaza.
The asset brings together 40,446sqm of floorspace, end-of-trip facilities, floorplates up to 1,100sqm, a concierge, dry cleaning, and 250 carparks, alongside sustainability credentials including 5 Star NABERS Energy, 4 Star NABERS Water, and 5.5 Star NABERS Indoor Environment.
Aravest is headquartered in Singapore and manages $9.3 billion USD of diversified assets across Asia Pacific.
Quotes attributable to Brett Williams, Fund Manager, ISPT:
“We have a strong presence across key assets in Brisbane, including 1 William Street, 150 Elizabeth Street and Central Plaza 1, and we will be utilising our local expertise, asset knowledge, and intrinsic focus on exceptional tenant experiences to continue to maximise the value of this A-Grade asset.”
“This represents one of the largest office transactions of the year, underpinned by strong fundamentals in Brisbane including population growth and investment in infrastructure and we look forward to partnering with Aravest on our long-term vision for the site.”
“Capital recycling remains a key part of our strategy – ensuring we have exposure to key high-quality projects while still being able to access new opportunities. Central Plaza 1 demonstrates this strategy, allowing us to add value and retain asset management, while still freeing up capital for further investments.”
Quotes attributable to Matthew Egan, CEO Australia, Aravest:
“We’re seeing real momentum in the Brisbane office market with strong tailwinds driving tightening fundamentals. We identified Central Plaza 1 as a prime asset positioned to benefit significantly from this upswing. This acquisition exemplifies the Aravest blueprint—leveraging our local expertise to source opportunities and our strong capital relationships to invest strategically in the Australian market. We remain confident in Australia’s long-term outlook and will continue to seek opportunities across a range of sectors.”
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