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444 Queen Street. Source: CBRE
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  • GIM Real Estate confirmes the purchase of 444 Queen Street in Brisbane for $54.4 million from sellers Abacus Property Group and The Public Trustee of Queensland
  • This is the second transaction in Queen Street, Brisbane, by PGIM Real Estate in recent months, after acquiring 307 Queen Street with Fortius for $214 million
  • 130 Queen Street is also owned by PGIM Real Estate and Marquette Properties
  • PGIM Real Estate will modernise the property and optimise its waterfront location and river views by repositioning it to A Grade level through a thorough renovation program

PGIM Real Estate has confirmed the purchase of 444 Queen Street in Brisbane for $54.4 million from sellers Abacus Property Group and The Public Trustee of Queensland, adding to its growing presence on the street.

This is PGIM Real Estate’s second deal on Queen Street, in recent months, having previously teamed with Fortius Funds Management to acquire 307 Queen Street for $214 million. 130 Queen Street is also owned by PGIM Real Estate and Marquette Properties.

The 22-storey, 13,967-square-meter office skyscraper, located in the sought-after ‘Golden Triangle’, is on a 1708-square-meter lot with 31 metres of frontage on Queen Street and 72 parking spots.

PGIM Real Estate Managing Director and Head of Australia Steve Bulloch said the Brisbane market was a good investment.

“We are confident in Brisbane’s longer-term fundamentals, driven by strong interstate migration, continued infrastructure spend and increasing offshore investor interest, particularly with the city recently announced to host the 2032 Olympics,” he said.

“The ability to acquire a Queen Street building at this rate ($3,895/sqm) provides an opportunity for us to execute our strategy of repositioning well-located but tired assets to meet the needs of future tenants.”

PGIM Real Estate will modernise the property and optimise its waterfront location and river views by repositioning it to A Grade level through a thorough renovation program.

“This acquisition comes as a strategic response to an accelerated structural shift to higher amenity, well-located CBD office assets that demonstrate strong sustainability characteristics,” Mr Bulloch said.

“Office tenants are becoming more discerning, and this asset will enable PGIM Real Estate to showcase its commitment to ESG, sustainability and innovation. There is also potential to work with our innovation partners at Taronga Ventures throughout the design, construction and operations process.”

In addition to its recent transactions, PGIM Real Estate has been involved in a number of landmark Brisbane developments, including the financing of Howard Smith Wharves and Silverstone’s Newstead office complex.

It has also recently financed a premium Kangaroo Point apartment development and a mixed-use development in Toowong. PGIM Real Estate was formerly in charge of the renovation of 215 Adelaide Street.

CBRE’s Tom Phipps and Peter Chapple, as well as Knight Frank’s Justin Bond and Blake Goddard, advised the vendor.

PGIM Real Estate is the real estate investment and finance arm of PGIM, Prudential Financial’s $1.5 trillion worldwide asset management company.

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