News: CPA buys Brisbane CBD building

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Commonwealth Property Office Fund (ASX:CPA) has acquired a 28,000 square metre, A-grade CBD office building in Brisbane for $195 million in an off- market transaction.



The real estate fund says the building was purchased at an ideal time in the cycle, with the purchase yield comparing favourably with its cost of debt which will reduce to 5.9 per cent per annum after the acquisition is finalilsed.

In the first half of the 2012 financial year, CPA generated a net profit $135.9 million.