AM ALPHA acquires two properties in Brisbane, Australia
 
Feb 12, 2020
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• Successful acquisition of an office tower on the Brisbane River and a mixed-use building in Fortitude Valley
• Asia-Pacific region remains the focus of further direct investments

Munich, February 11, 2020 --( ASIA TODAY )-- The Munich-based Real Estate Family Office AM alpha, which specializes in collaborations with private and institutional investors, announces the acquisition of an office tower in Brisbane’s CBD (December 2018) and a mixed-use building in the up-an-coming Fortitude Valley district (April 2019).

Known by its address 179 North Quay, the office building boasts an unobstructed view of the Brisbane River and the southern riverbank. The ‘legal precinct’, Brisbane’s highly developed CBD submarket, is home to numerous court buildings and law firms. At present, the submarket is subject to an AUD 11 billion infrastructure program designed to further enhance the value of the location. At the time of the acquisition of the building, which is predominantly rented out to the Maurice Blackburn law firm, AM alpha identified considerable value-added potential in the form of improved building quality and higher occupancy rates. Since then, the value-enhancing measures have been largely completed. On top of this, the building permit for the property allows for a 274 meter tower block, which is roughly four times the current building height.

Referring to the Brisbane investments, Martin Lemke, Managing Director of AM alpha, explains: “Since we are fully convinced of the positive economic development of the state of Queensland and specifically of the favorable forecasts for the city of Brisbane, and these factors are not yet reflected in real estate valuations to the extent they are in Melbourne and Sydney, we decided to purchase a second Brisbane property within just a few months. In addition to the value-add property 179 North Quay, we also acquired the colonial-style former TC Beirne Department Store by way of an off-market transaction.”

During modernization of the building that was originally built in 1902, the original facade and further colonial-style elements were preserved. Although this is not the typical approach taken in this region, it is perfectly in line with the property’s Fortitude Valley location, which is dominated by numerous start-ups, cultural attractions and restaurants. Alongside the CBD, Fortitude Valley has grown into the city’s second largest submarket which is set to see considerable further growth thanks to current project developments in the commercial and residential real estate segments.

The state of Queensland, which runs “The Precinct” incubator, is the main tenant of the TC Beirne Building. The arcade which traverses the building mostly houses tenants in the retail and restaurant sectors.

In addition to its investments in the Asia-Pacific region, AM alpha also focuses on value-based investments in Europe.

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AM alpha Kapitalverwaltungsgesellschaft mbH
Sendlinger Strasse 7 | 80331 Munich | Germany
Tel: (+49) 89 550 6989 89, Fax: (+49) 89 550 6989 99
Martin Lemke, m.lemke@am-alpha.com

ABOUT AM ALPHA
AM alpha is a Munich based privately owned real estate family office that focuses on global investments in prime real estate on its own account and on behalf of family offices, private clients and endowments in Europe and Asia. Its Asian operations are headquartered in Singapore, with offices in the gateway cities in the Asia Pacific region.