CS REF International invests in Brisbane
Credit Suisse Real Estate Fund (CS REF) International has acquired the Jubilee Place development in Brisbane, Australia, via a forward funding transaction.
The project involves the construction of the 14-story Jubilee Place office property on the northern outskirts of Brisbane in the Bowen Hills Priority Development Area (PDA).
Jubilee Place is set to become one of the most technologically advanced commercial buildings in Australia, Credit Suisse says. The office tower will consist of 17,500 square meters of commercial space, a 17-meter high plaza including a foyer, an 800-square-meter rooftop terrace, and facilities for employees such as locker rooms, showers and bicycle parking.
Jubilee Place is a project of JGL Properties. The parties have agreed not to disclose the purchase price, Credit Suisse said. According to an Australian media report, Credit Suisse is said to have paid 180 million Australian dollars, the equivalent of around CHF 123 million.
"The location where Jubilee Place is being developed is in a strategic area of Brisbane, where a tremendous amount of investment is being made in infrastructure. The district will quickly become a magnet for modern, well-educated professionals and their employers," says Marc-Oliver Tschabold, fund manager of CS REF International. (ah)
