A South Korean pension fund purchased a landmark office building in Brisbane, showcasing the increased international investment in Australian real estate stretches beyond Sydney and Melbourne.
AXA Investment Managers' property investment arm, Eureka Real Assets, acquired the Brisbane building Green Square South Tower.
AXA Investment Managers is building its footprint in the Asia-Pacific region after it acquired Sydney-based Eureka in September last year and opened an office in Seoul, South Korea in 2015.
AXA Investment Managers Real Assets' global head of Asia, Frank Khoo said: "With the growing appetite for international investment in quality Australian real estate now stretching beyond the traditional confines of Sydney and Melbourne, we are well placed to find value for our clients in new locations, in the right building, with the right tenants."
Head of business development for South Korea, Cho Yun Seok said: "We have been committed to building a local presence and developing our customer base in South Korea since we opened the office in 2015."
"This acquisition is a strong endorsement of the team's effort and we now have an extremely strong proposition for South Korean institutions investing both in the Asia Pacific region and across the rest of the globe."