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Suncorp House Brisbane Trust
The Suncorp House Brisbane Trust was established in June 2011 by Armada Funds Management with the objective of providing reliable levels of high income with inflation linked capital appreciation.
The equity raising was received from a single wholesale investor.
Suncorp House is an A grade office building located in the Brisbane CBD at 310 Ann Street. The building comprises over 16,000 sqm over 22 floors with 80 car parks and was built in 1993.
The asset was acquired for in October 2011 reflecting a passing yield of 11.75% and rate of $3,833 p/sqm.
Suncorp-Metway Limited comprise the sole tenant in the building with a lease expiry in December 2014.
The investment strategy is to passively hold the asset during the remaining Suncorp lease, begin marketing for re-leasing 12 to 18 months before lease expiry, and successfully agree terms with that tenant prior to Suncorp lease expiry.
Key Fund Information
Wholesale private property fund
Provide reliable levels of high income with inflation linked capital growth.
Closed to new investors
Armada will seek to sell the property in 7-9 years or list on the ASX.
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