M&G Real Estate Asia announced on July 25 that it has acquired HQ South, a Grade A office building in Brisbane for A$119.1 million ($128.6 million). This works out to $853 psf, based on a net lettable area of 150,696 sq ft.

HQ South is M&G’s first acquisition in Brisbane. The property houses seven office floors, with one floor set aside for retail and car parking space. Located adjacent to Fortitude Valley railway station — one stop from Brisbane’s CBD — the property is in close proximity to a variety of retail and entertainment options.

“This is the fifth purchase our core Asia property strategy has made this year, which further utilises our capital queue in light of the continued investment appetite from regional and foreign capital,” says Chiang Ling Ng, CEO and chief investment officer of M&G Real Estate Asia.

Source: M&G Real Estate Asia