Property, real estate securities and mortgage fund manager AIMS has acquired an 11-level, B-grade office building in the Brisbane CBD from the Canberra Area Rugby League Club for $26 million.
The building will sit within the AIMS Australia Property Investment Fund business. The investment was made through the ASX-listed AIMS Property Securities Fund.
The B-grade office building, adjacent to the Stamford Plaza Hotel, has 4792 sq m of net lettable area and is currently 80 per cent leased with a weighted lease expiry of 2.5 years.
The acquisition offers an initial gross yield of 9.5 per cent.