Global real estate investment manager Cromwell Property Group (Cromwell) has completed its sale of Health & Forestry House in Brisbane’s CBD.
Following an unsolicited bid for the two interconnected 17-storey buildings, the sale to AsheMorgan for $66 million was finalised today, 29 November 2017.
Cromwell purchased the properties, covering 26,713 sqm, at 154 Mary Street & 147-163 Charlotte Streets, in 2013. The buildings were leased to the Queensland State Government and the investment has generated an internal rate of return (IRR) of 20.7%.
Damian Horton, Cromwell’s Head of Property, said “Health & Forestry House has been a great addition to our portfolio. However, given the current market cycle and other strategic initiatives we are exploring, the offer presented a timely opportunity to allow us to recycle the capital and reinvest the proceeds elsewhere in our business.”
“As an active asset manager, Cromwell continuously reviews its property portfolio and asset strategy to ensure we deliver optimal returns for our investors,” concluded Mr Horton.