Located at 255 London Circuit, the property was the first institutional grade asset to be offered onmarket in the Canberra CBD since 2013 and generated significant interest as a result

CANBERRA, 26 November 2015 – A prime office asset located at 255 London Circuit in Canberra's CBD has been sold for $70,025,000 to Growthpoint Properties Australia (GOZ) by JLL, on behalf of London-based vendor Brompton Asset Management. Settlement of the sale is subject to approval of the tenant, DFAT.

The property was exclusively sold by JLL's Head of International Investments - Australia, Simon Storry and Head of Sales and Investments - ACT, Michael Heather, via an International Expressions of Interest campaign. The property was the first institutional grade asset to be offered on-market in the Canberra CBD since 2013. Mr Storry said, “The property was well received and highly sought-after in the market with a number of interested bidders, partly generated by the scarcity of assets like this currently available. This competition produced a favourable outcome for Brompton Asset Management.

“Brompton Asset Management holds a number of assets in the Australian market, ensuring they will continue to be an active participant by recycling capital to invest in new opportunities,” Mr Storry said.

Mr Heather said, “The yield compression trend being experienced around the country has now been replicated in Canberra with the prime yield range now tightening by up to 25 to 50 basis points as a result of the 255 London Circuit transaction.

“We experienced a noticeable increase in enquiry and buyer participation during the 255 London Circuit campaign not seen for a Canberra office asset since 2007, which highlights the unsatisfied demand for assets in Canberra underpinned by high quality lease covenants in core locations,” Mr Heather said.

- Ends -

Contact: Stuart Webster – Head of Real Estate Funds
Business, Brompton Asset Management
Phone: +44 (0)20 7045 0609
Email: swebster@bromptonam.com

Contact: Simon Storry - JLL / Michael Heather - JLL
Phone: +61 411 198 205 / +61 447 749 088
Email: simon.storry@ap.jll.com / Michael.heather@ap.jll.com

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com. JLL has over 50 years of experience in Asia Pacific, with over 31,100 employees operating in 83 offices in 16 countries across the region. We were the first global commercial property firm to establish an Australian presence in 1958 and currently employ over 2000 employees throughout our 10 offices across the country. The firm was named number one real estate advisor in Asia at the 2015 Euromoney Real Estate Awards and won 'Best Property Consultancy' in seven Asia Pacific countries at the International Property Awards Asia Pacific 2014. www.jll.com/asiapacific.