SYDNEY-The Brisbane-based Cromwell Group has purchased thefour-building Qantas Global headquarters from Trafalgar ManagedInvestments Ltd. Cromwell will pay more than $143 million for theproperty, and has also promised to give Qantas $25.6 million forimprovements to the facilities.

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Qantas is the sole tenant of the 500,000-square-foot complex,which includes more than 67,000 square feet of warehouse space. Thetenant recently signed a new 10-year lease for the property, whichis a block away from Sydney Airport.

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A team from Jones Lang LaSalle and CB Richard Ellis managed thesale. John Macree from JLL tells GlobeSt.com that the deal reallyreflects the confidence in the Australian property market. He sayswhile the country’s economy is strong, global economic stress hadthreatened to keep deals below $50 million. “Surprisingly, therewas very strong interest in this property,” Macree says.

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Trafalgar, a consortium of investors, had purchased the property10 years ago and it was time to sell, Macree says. The arrangementfor the refurbishments, including an upgrade to energy efficiency,was just a sign of a good relationship between tenant and owner,said Trafalgar CEO Braith Williams in a statement.

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