Hines Global REIT Acquires 158,000-SF Office Building in Australia

HOUSTON-Hines Global REIT, a real estate investment trust sponsored by local real estate company Hines, made its first move on the Australian continent, acquiring the class A, 158-682-square-foot 144 Montague Road office building in South Brisbane. The REIT paid $91.6 million to Australian company Empirica Management Ltd. to add the fully leased, three-year-old building to its international CRE portfolio.

One tenant occupies the six-story office building; Ausenco Ltd, a publically traded company specializing in engineering and project management services has the space through 2021.  According to a press release from Hines detailing the commercial real estate transaction, the long-term lease was just one of the deal’s appeals. Another is the ability to diversify in a country with a stable and growing economy.