CLARENCE PROPERTY SECURES BRISBANE CBD OFFICE TOWER FOR $119 MILLION

Clarence Property has acquired 120 Edward Street, an A-Grade office tower in Brisbane’s CBD for $119 million from global real estate investment manager - DWS, through its flagship Clarence Property Diversified Fund.

Developed in 2001, the 15,161sqm property over 18 levels has been through an extensive upgrade program in recent years and is 98% leased.

Clarence Property is a long-established fund manager and developer targeting the high-growth areas of South-East Queensland and Northern NSW.

“This acquisition represents a strategic counter-cyclical play in a market that we believe is well placed for the future,” said Simon Kennedy, CEO, Clarence Property.

Clarence purchased the property from Deutcshe Asset and Wealth Management for $24 million less than it was purchased for seven years ago.

Peter Fahey, Clarence Property Chairman said “It’s an exciting time for Clarence Property with the purchase of this significant asset to add to our already extensive portfolio”.