Commercial Property Executive is noting that the UK’s Brompton Asset Management has snapped up Industry House.
Brompton Asset Management’s acquisition of the Industry House tower marks its second purchase in the Canberra office market. The company owns another major property at 255 London Circuit. Both assets hold strong federal government lease covenants.
“Sovereign wealth funds and global pension funds have re-rated real estate, placing a higher weighting on the defensive characteristics of the asset class and increasing allocations to the sector. The most passive of offshore capital is seeking modern assets, strong covenants, long lease terms (with stipulated fixed increases) and increasingly the latest in sustainability credentials. There are few better covenants in the world than the Australian government,” JLL’s Head of Office Markets Australia, Sewell, said in a news release.