CommercialLindsay SaundersWed 08 Jul 26
Billionaire Offloads Suburban Office Assets in South-East Qld for $65.5m
LDR Capital has accelerated its office portfolio reshaping, selling two suburban South-East Queensland office buildings for a combined $65.5 million while continuing to expand through larger institutional acquisitions.
The group, led by billionaire investor Paul Lederer, who has an estimated net worth of $1.98 billion, has agreed to sell the Nexus Centre at 96 Mount Gravatt-Capalaba Road, Mount Gravatt, and the Limestone Street Centre at 38 Limestone Street, Ipswich, to Sydney-based Stadia Capital, acting on behalf of a private investor.
Settlement is scheduled for next month.
The two C-grade assets were held within the LDR Capital Partners Fund and were sold as part of an asset recycling strategy aimed at reducing debt and repositioning the portfolio.
The 7272sq m Nexus Centre was marketed with 98 per cent occupancy and was acquired by Corval for $29.75 million in 2016.
The 7051sq m Limestone Street Centre was 94.7 per cent leased at the time of sale.
Lederer said the transactions would strengthen the fund’s balance sheet and complete the exit of three secondary office assets.
Hungarian-born Lederer built his fortune in the food industry, primarily by growing Primo Smallgoods into the country’s largest smallgoods producer and orchestrating its $1.45 billion sale to Brazilian meat processor JBS in 2014.
Since then, Lederer, the chairman of Western Sydney Wanderers FC, has vastly diversified his investments through his family office, the Lederer Group, including real estate, sport and finance.
Following settlement, the fund expects net proceeds of about $57.6 million after adjustments, with pro forma gearing to reduce to 30.1 per cent based on its December, 2025 financial position.
The Brisbane divestments come as LDR Capital pursues significantly larger office acquisitions across Australia.
In May, the group agreed to acquire Brisbane’s Southpoint office tower from Union Investment for $255 million, using the asset as the cornerstone of a new wholesale property fund.
The 27,765sq m A-grade tower at 275 Grey Street, South Brisbane, is anchored by Flight Centre and Virgin Australia and was acquired on an initial yield of 7.8 per cent.
Last month, LDR Capital struck a deal to acquire the office component of Adelaide’s Market Square development from ICD Property for about $200 million.
The nine-level, 22,731sq m building is due for completion next year and is already 57 per cent pre-committed to tenants including Thomson Geer and the South Australian Government.
The acquisitions follow LDR Capital’s $305-million purchase of the Sirius office complex in Canberra last year, underscoring the group’s strategy of recycling secondary assets while increasing exposure to larger institutional-grade office investments.
