Australia: London investment firm 90 North Real Estate Partners has made its first move into Australia with the acquisition of a Quest Apartment Hotel in Brisbane.
Located in Greater Springfield, Queensland, the transaction is worth AUS$24.3 million.
90 North launched in Sydney in 2017, and the acquisition of the Springfield Quest marks the one-year anniversary of its operations in Australia. It acquired the property in partnership with Sidra Capital, a Saudi-based financial services company.
The 82-key Quest Springfield Central opened in March this year. It features a childcare centre, and three ground floor retail units.
Philip Churchill, founder and managing partner of 90 North, said: “We have now executed 32 acquisitions in UK, Europe, USA, and Australia demonstrating 90 North’s reach and ability to provide our investment partners with a geographically diverse range of high quality, well located income producing properties let on long leases to secure tenants.”
Michael Dowling, head of 90 North’s Australian operations, said: “Closing this deal, our first transaction in Australia, is a significant milestone for 90 North and one we’re very excited about. The development could not be in a better location, in the heart of the fastest growing economic hub in Queensland.”
