Keppel REIT’s manager has announced the divestment of the REIT’s 50% stake in a property located in Brisbane, Australia for a sale consideration of A$275 million ($278.4 million).

The property, a 31-storey freehold office building located at 275 George Street, was sold to Charter Hall Prime Office Fund (CPOF), which holds the remaining 50% interest in the property. Keppel REIT acquired the property, its first Australian asset, in 2010.

Excluding A$11 million in outstanding incentives, capital expenditures and related costs payable to CPOF, the adjusted consideration of A$264.0 million is 7.8% above the last valuation of A$245 million and 59% above the original purchase price of A$166 million in 2010.

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