Impact To Acquire Brisbane Office Tower For $130 Million

Melbourne-based syndicator the Impact Investment Group has agreed to acquire Lend Lease's K1 office tower in Brisbane's Fortitude Valley for $130 million, the Australian Financial Review reported.

It said that Impact Investment, controlled by Chris Lock and "Small Giants", the family office of Daniel Almagor and Berry Liberman, was now offering investors a product called the IIG K1 Property Trust.

The trust is forecasting average distribution of 10 per cent per annum.

The building at 1 King Street has just been completed and is the first of three towers at Lend Lease's Kings Gate commercial precinct at the RNA redevelopment.

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It is a nine-storey, A-grade building, including 16,600-square-metres of space, with a 100 per cent income guarantee from Lend Lease and a weighted average lease expiry of 8.7 years.

The building is Lend Lease's Queensland headquarters and it has committed to stay for 12 years.

The paper said that Impact Investment Group has acquired about $200 million in assets since it began in early 2013.