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Credit Suisse Buys Stockland Headquarters

99-Melbourne-Street-e1442973706457

Credit Suisse Asset Management has acquired Stockland's Queensland headquarters in South Brisbane, according to The Australian Financial Review.

The newspaper reported that the five-storey office building at 99 Melbourne Street had been sold for a price of between $38 million and $40 million.

It said the price represented a a yield of about 7.75 per cent.

WA-based vendor Primewest Management acquired the asset in 2010 from the Australian Property Growth Fund for $28.5 million.

The building is part of an eight-property portfolio with an estimated value of $250 million that Primewest Management had originally brought to market through CBRE.

They are now being sold separately.

The 6200-square-metre building includes tenant anchor Stockland and Belgian mining company Sibelco Group.

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Article originally posted at: https://https://theurbandeveloper.com/articles/credit-suisse-buys-stockland-headquarters