CROMWELL ACQUIRES LEIGHTON PROJECTS FOR $279M

Written on the 25 November 2011

CROMWELL ACQUIRES LEIGHTON PROJECTS FOR $279M

PROPERTY fund manager Cromwell Group has splashed $279 million on two properties owned by Leighton.

The Group acquired the HQ North Tower (pictured) in Fortitude Valley and office towers in Ipswich from Leighton Properties in the record-breaking deals.

Cromwell CEO Paul Weightman was in board meetings and could not be contacted for comment this afternoon.

However CB Richard Ellis Queensland senior managing director Bruce Baker, who brokered the HQ sale with colleague Bill Tucker, believes asset quality was a factor in the $186 million on the NQ North Tower deal.

“The sale further reinforces Fortitude Valley as the premier location for investment in Brisbane outside of the CBD,” says Baker.

“It also demonstrates the value of high quality assets with first-rate sustainability measures.”

Leighton Properties managing director Mark Gray claims the HQ deal broke sale records for outside the Brisbane CBD.

“The $186 million sale of the HQ North Tower in Fortitude Valley is the largest office transaction of a Brisbane city fringe development in Queensland history,” says Gray.

“This sale reflects the underlying strength of the Valley office market and the quality of the tower’s award-winning, sustainable design.”

Jones Lang LaSalle associate director Paul Noonan and international investments director Simon Storry acted on Leighton’s $93 million sale of Ipswich CBD office towers at the corner of Brisbane and Bell streets.

The development has a six-star green star – office as built v2 rating and been recognised by the Urban Taskforce of Australia’s National Development of the Year 2011 Awards and UDIA QLD Boral Awards for Excellence in Large Retail/Commercial 2011.

Leighton (ASX:LEI) shares were today trading slightly down at a tinge over $20.14 while Cromwell (ASX:CMW) shares remained unchanged at 0.67c.


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