After having only been placed on the market since September, the Hines Global REIT portfolio of four commercial properties across Australia has sold for $626 million. Hines, a privately owned global real estate investment and development firm, is one of the world's largest real estate investment managers with over $116 billion in assets under management.
The purchasers are Centuria Capital through their property fund, Centuria Metropolitan REIT and the Lederer Group, which was founded by Paul Lederer of Point Piper.
Centuria is to purchase 825 Ann Street, Fortitude Valley (a 13-storey commercial building of 20,354 sqm); 100 Brookes Street, Fortitude Valley (a six-storey commercial building of 9,814 sqm); 818 Bourke Street, Docklands (23,322 sqm over six levels of office space above retail and a car park) and a 25% interest in 465 Victoria Avenue, Chatswood (a 16-storey A-grade building of 14,465 sqm with a retail podium and parking for 235 vehicles) for $501 million. The Lederer Group will acquire the remaining 75% interest in 465 Victoria Avenue, Chatswood for $125 million.
Hines put the portfolio together between June 2012 and October 2014 for a total of $432,346,967 million.