A leading Chinese investor, Lei Shing Hong has come out as the $50 million buyer of an A-grade office tower in Brisbane city.
Lei Shing Hong purchased the office tower earlier this year, and adds this to the company’s other endeavours, including being one of the biggest distributors of Porsche and Mercedes Benz throughout Asia.
As reported by The Australian Financial Review, the purchase of the 300 Adelaide Street tower, previously owned by Charter Hall’s Direct Property Fund, was made under advisement of the Hong Kong based PH Capital.
The 13,140 square metre tower in the heart of the Brisbane City currently has 75 per cent occupancy, and the 21 tenants include large multi-national firms Caterpillar Australia and Cisco Systems.
This is the first Australian real estate investment made by Lei Shing Hong, and was negotiated by CBRE’s Peter Court and Mike Walsh.
Lei Shing Hong was unavailable to comment, but it is likely this will not be the last investment made in Australia.
With previous property development investments made in Beijing and Shanghai the choice to make their first deal in Australia in Brisbane has raised some eyebrows among Australian observers.
Just like many previous deals made by Chinese backers across Australia, the new owner is not publicly disclosed until the deal is secured.