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Thursday, 7 December 2017 | MYT 1:20 PM

PNB sells Santos Place for A$370mil

PETALING JAYA: Permodalan Nasional Bhd (PNB) has disposed off its 100% interest in Santos Place in Brisbane, Australia for A$370mil to Singapore’s sovereign wealth fund GIC.

The property was acquired by listed funds management giant Charter Hall on behalf of Singaporean government sovereign wealth fund GIC.

The six-star Green Star, Premium A-Grade 37-storey building at 32 Turbot Street – known as Santos Place – was acquired by PNB in 2010 for A$290mil from the developer Nielson Properties. It was the fund  PNB’s first offshore property investment.

The sales was reportedly be handled by commercial real estate company Colliers International.

According to a report by Australian Financial Review in September, PNB had appointed Colliers International agents Tom Barr, Jason Lynch and John Marasco to market the asset exclusively.

In a LinkedIn post, Barr, who is a member of the Colliers International Capital Markets team, said: “Congratulations to our valued client Malaysian government owned corporation PNB on the sale of a 100% interest in Santos Place, a new generation prime-grade office building at 32 Turbot Street Brisbane, for A$370mil.” 

He added that the sale represented the first highly competitive on-market test for Brisbane CBD prime-grade pricing benchmarks since the sale of Waterfront Place in 2015, and achieved the highest price of any single office asset to have traded in Brisbane over the last 2 years.

“The purchaser was introduced and sale negotiated by the exclusive marketing agents Jason Lynch and myself Tom Barr of Colliers International,” Barr said.