July 30, 2026

Barings acquires 480 Queen Street for a total gross purchase price of A$700 million

Barings, one of the world’s leading alternative investment managers, today announced that on behalf of institutional investors it has acquired 480 Queen Street, a premium-grade office tower in Brisbane's CBD, from Dexus and Dexus Wholesale Property Fund for a total gross purchase price of A$700 million. The transaction was completed following a sale process managed by JLL.  

The acquisition reflects Barings’ positive outlook for high-quality Australian office real estate and its conviction in Brisbane, where constrained new supply, strengthening occupier demand and ongoing infrastructure investment are supporting premium-grade CBD assets.

Located in Brisbane's prestigious Golden Triangle precinct, 480 Queen Street is one of the city's premier office assets. Completed in 2016, the property comprises approximately 56,800 square metres of net lettable area across 32 levels and includes 271 car parking spaces. The building is recognised for its premium tenant amenity, market-leading sustainability credentials and expansive views of the Brisbane River and Story Bridge.

The asset is underpinned by a high-quality tenant base across corporate, government and professional services occupiers, providing diversified income and exposure to some of Australia’s most established institutional tenants. 

Shaun Hannah, Executive Director, Barings Real Estate Australia, said the acquisition reflects a rare opportunity to invest in one of Brisbane’s leading office assets at an attractive point in the cycle along with Barings’ continued focus on acquiring high-quality real estate opportunities in supply-constrained markets.

"We believe Brisbane currently offers some of the strongest office market fundamentals in Australia, supported by population growth, business investment, infrastructure spending and limited new supply. These dynamics continue to underpin rental growth and occupier demand for premium office space,” he said.

"The building's high-quality tenant profile, strong sustainability credentials and significant rental reversion potential make it an attractive investment that aligns well with our value-add strategy. We see considerable opportunity to enhance performance through proactive asset management while benefiting from the broader growth trajectory of the Brisbane market," he said.

480 Queen Street benefits from strong connectivity to Brisbane's transport infrastructure and is located close to key business, retail and lifestyle destinations including Eagle Street, Central Station and Howard Smith Wharves. The property also offers premium workplace amenities including wellness facilities, rooftop event space, end-of-trip facilities, childcare services and conference facilities.

Barings plans to implement a proactive asset management and leasing strategy focused on enhancing tenant experience, maintaining the building's leading ESG credentials and capturing future rental growth opportunities.

The transaction is subject to FIRB approval.

About Barings

Barings is a US$502 billion* global alternative asset manager that partners with institutional, insurance, and wealth clients, and supports leading businesses with flexible financing solutions. The firm, which is owned by insurance companies MassMutual and MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets.

*As of June 30, 2026

Media contact
Helen Sanderson
Director, Head of Australia Marketing 
helen.sanderson@barings.com

26-5788683

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