Prime Super pick up Prime Brisbane Office11 December 2019
Prime Super have paid Deutsche Asset & Wealth Management $155m for an A Grade building on the edge of the Golden Triangle in Brisbane.
The building, at 313 Adelaide Street, comprises 21 floors of office, retail and basement car park with a NLA of more than 14,000 square metres.
The sale to Prime Super at $155m reflects a core capitalisation rate of about 5.75 per cent. The vendor, Deutsche Asset & Wealth Management purchased the asset from F.A. Pidgeon & Son's in 2015 for a $125 million.
Prime Super manages approximately $5 billion in funds for over 130,000 members and has acquired a number of direct real estate holdings.
In 2018, the super fund also acquired 153 Campbell Street, Brisbane for $76m however the sale wasn't successfully settled due to a dispute over whether transfer forms took into account $2m worth of incentives. The vendor, Sentinel, sued the super fund for breach of contract but lost the case. New transfer forms were ultimately issued and the settlement completed.