A recent article in the Australian Financial Review discusses Forza’s recent acquisition of 420 George St, Brisbane. Providence was a cornerstone investor in the equity raising to fund the acquisition.
We were attracted to the value add potential of the property given its high vacancy rate and the purchase price below the replacement cost. We believe Forza is well placed to execute on the re-leasing and turnaround of this property.
Providence has recently been advocating the need to be opportunistic and look beyond the headline yields in the property space, with true value add, a focus on potential and partnerships with the right managers likely to be the drivers of performance in the short to medium term.
We are pleased to have been able to provide this opportunity to clients.