A Swiss-based company has purchased an 8-storey office complex in Melbourne for $180 million.
QBE House at 628 Bourke Street, Melbourne has been sold for about $180 million. The property was sold by M&G Asia Property Fund, an unlisted real estate fund formed in 2007 and based in Singapore. The fund specialises in investing in Asia's major real estate markets and is managed by UK based M&G Real Estate.
The purchaser was AFIAA, Swiss Foundation for International Real Estate Investments. AFIAA is an investment foundation operating under Swiss law, investing exclusively in real estate holdings in countries outside Switzerland on behalf of tax exempt Swiss pension funds. The sale was arranged by Leigh Melbourne and Nick Rathgeber of Colliers International Melbourne.
QBE House, according to Melbourne Cityscope, is an office complex consisting of an eight-storey podium to Bourke Street and a 16-storey tower to Little Bourke Street. The 24,515 sqm complex includes a full-length ground-floor showroom on each side of the building, three ""super floors"", and a roof-top entertainment area with tennis court and barbecue. Its tenants include QBE Insurance, Momentum Energy, National Transport Commission Australia and Australian and New Zealand Institute of Insurance and Finance.
The property last traded at $129.6 million in 2014 at an initial yield of 7.25% on passing income of $9,396,000.