04 May 2021

545 Queen Street acquisition

The Cromwell Direct Property Fund (Fund) has added to its direct property portfolio with the acquisition of 545 Queen Street, Brisbane (the Property) at a purchase price of $117.5 million, reflecting a passing yield of 5.9%, with the transaction settling on 5 May 2021.

The Property is a 2,735-square metre (sqm) site at the entrance to the Brisbane CBD’s ‘Golden Triangle’, comprising an A-Grade 9-storey commercial office building with approximately 13,363 sqms of net lettable area (NLA) and 84 car parks. The property has a 5.0 Star NABERS Energy rating.

Fully refurbished, the building is 100% leased with a WALE of 4.2 years, and includes major tenants Sonic Healthcare, Federal Government and Calibre Professional Services.

With 88% of income derived from Government, listed or multinational tenant-customers, 545 Queen Street is an excellent fit for the Fund’s portfolio, and is accretive to Fund earnings. The acquisition takes the Fund’s direct property portfolio to seven assets valued at $426 million, and the look-through property exposure to 10 assets, with a total investment value of $526.3 million.

After acquisition the Fund’s overall WALE will be 5.8 years.


Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this communication and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 17 November 2020 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services Team on 1300 268 078. Applications for units in the Fund can only be made on the application form accompanying the PDS. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.

Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.