London based investments firm 90 North Real Estate Partners (90 North) have made their first foray into the Australian real estate market with the acquisition of a brand-new Quest Apartment Hotel in Brisbane.
Located in Greater Springfield, Queensland, the Quest hotel transaction is worth $24.3 million.
90 North launched in Sydney in 2017, and the acquisition of the Springfield Quest marks the group's one-year anniversary of its operations in Australia.
The company, which says it specialises in "social responsible real estate investments", acquired the hotel in a venture partnership with Sidra Capital, a Saudi Arabia based financial services company. The Quest is also the first Australian asset acquired by Sidra.
Quest Springfield Central, which opened on 5 March 2018, offers 82 serviced apartment-style hotel rooms, a childcare centre, and three ground floor retail units.
Philip Churchill, founder and managing partner of 90 North, says the acquisition marks a significant moment for the company's global ambitions.
"We have now executed 32 acquisitions in UK, Europe, USA, and Australia demonstrating 90 North's reach and ability to provide our investment partners with a geographically diverse range of high quality, well located income producing properties let on long leases to secure tenants," says Churchill.
The Quest is located opposite to one of the newest private hospitals in Australia, the Mater Private Hospital Springfield, and is estimated to have an "ultimate value" of around $6 billion.
The Greater Springfield area is one of Queensland's newest master planned communities and is growing fast. The new community has already attracted nearly $15 billion in private and public investment, and has a rapidly expanding population of nearly 40,000.
Michael Dowling, head of 90 North's Australian operations, says the acquisition of the Quest is a milestone.
"Closing this deal, our first transaction in Australia, is a significant milestone for 90 North and one we're very excited about," says Dowling.
"The development could not be in a better location, in the heart of the fastest growing economic hub in Queensland."
Business News Australia
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