Monday, March 29, 2010

Leighton Contractors Agrees to $94 Million Sale Leaseback of Brisbane HQ - March 29, 2010

Leighton Holdings Limited (LEI) said it has signed a contract to sell the South Tower of HQ in Brisbane’s Fortitude Valley to AFIAA for $94 million. AFIAA is the investment foundation of 18 Swiss pension funds.

CEO of AFIAA, Hans Brauwers, said the acquisition was a logical development of the foundation’s strategy of counter-cyclical investment.

“The Australian market is extremely attractive at the moment – as a country rich in raw materials and on the doorstep of Asia, Australia is benefiting directly from the pronounced upswing in the east, particularly China and India,” Mr Brauwers said.

The tower is fully leased to Leighton Contractors as their new head quarters on a fixed 10-year lease.

Leighton Properties’ executive director and state manager, Queensland, Andrew Borger, said an EOI campaign for the HQ North Tower would commence immediately.

“There is still very strong interest in high quality, new assets from both national and international investors and we are confident bringing HQ North Tower to the marketplace,” Mr Borger said.

“Fortitude Valley is now the most active city fringe office precinct in Brisbane."

"It’s location is viewed as an extension of Brisbane’s CBD and currently there is in the order of $10.3 billion worth of government investment in the construction of road and public transport infrastructure that will benefit this area.” Sphere: Related Content

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