Daiken acquires $56m Brisbane office building

Forza Capital has sold 10 Browning St. in South Brisbane to Daiken Investment Australia for A$81 million ($55.93 million). The buyer is owned by Daiken Biomedical, a Taiwanese digital health business, and the purchase is its first property investment in Australia.

The building is fully leased class A office space of about 120,352 square feet on a 49,127-square-foot site. The Forza Browning Street Fund had bought it in 2016 for A$65.5 million, and Forza Capital says investors received an average cash flow return of 8 percent a year. Colliers acted for Daiken and MP Commercial for Forza.