QIC Sells George Street Tower For $159 Million

QIC Global Real Estate has sold a George Street office for $159 million, according to The Australian Financial Review.

Singapore-based AEP Investment Management acquired the 27-storey tower at 41 George Street, opposite Brisbane's new Queens Wharf casino precinct on a yield of about 8.7 per cent.

QIC had acquired the property from the state government in 2013 for just $80 million.

QIC Global Real Estate managing director Steve Leigh confirmed the sale.

"This deal is evidence of strong demand for Brisbane CBD assets," Mr Leigh told The Australian Financial Review.

"It is also clearly an indicator of a recovery in the local economy."The property is leased to the Queensland government until a year before the scheduled opening of Echo Entertainment's Queens Wharf casino and resort development in 2022.