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News release

Brisbane

BRISBANE: 50% interest in 400 George Street sold for $195,800,000: Jones Lang LaSalle

Motor Accident Commission (MAC) acquires 400 George Street for $195,800,000 (50%)


April 5, 2013 – Jones Lang LaSalle is pleased to announce the sale of Grosvenor Fund Management Australia's 50% interest in 400 George Street, Brisbane to Motor Accident Commission (MAC) for $195,800,000.

400 George Street is an A-Grade office building comprising 34 levels of commercial office space completed in 2009. Neighboured by Santos Place in the heart of the North Quarter precinct, 400 George Street sits prominently on the corner of George and Turbot Streets enjoying exceptional view corridors south to the Brisbane River and over the Magistrates courts to the North.

The strategic acquisition of 400 George Street follows MAC's recent purchases in both Melbourne and Perth and signifies their focus on core assets within the major CBD markets.

400 George Street was competitively sought during the International Expressions of Interest process, with the transaction setting a new benchmark for the Brisbane CBD market and reflected a core cap rate of 6.98%, 8.91% IRR and $9,004/sqm. The sale represents the strength of the Brisbane office market and the continued investor focus on core CBD investments.