Growthpoint Properties Australia (Growthpoint or the Group) announces that it has exchanged contracts to sell its 100% freehold interest in 333 Ann Street, Brisbane, Queensland for $141.1 million.1 Net proceeds from the sale will be used to repay debt.
RAM Ann Street Diversified Property Nominees Pty Ltd as trustee for a trust owned by the RAM Australia Diversified Property Fund has executed a binding contract to acquire the property. Settlement is subject to the approval of the Foreign Investment Review Board (FIRB). Growthpoint anticipates settlement to occur by the end of 2022, subject to FIRB approval being obtained.
Timothy Collyer, Managing Director of Growthpoint, said, “On careful consideration, Growthpoint has decided to divest 333 Ann Street, located in Brisbane CBD. The multi-tenanted property is fully leased, and at 30 September 2022 represented 3.6% of portfolio income and 2.6% of our portfolio by value, with a weighted average lease expiry of 3.7 years.
“Growthpoint’s directly owned office portfolio is focused on modern A-grade assets with high green credentials, located on the fringe of CBD or in metro locations, and predominantly leased to government, listed or large organisations. Divesting 333 Ann Street, the Group’s only ‘true’ CBD asset, further focusses the Group’s portfolio on these resilient and well performing markets. Growthpoint is the largest ASX-listed landlord focussed on fringe and metropolitan market office assets.”
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