Industry superannuation fund Prime Super has bought a 97 per cent stake in a landmark Adelaide office block for $38.6 million.
The commercial office property will generate a passing income yield of about 10 per cent.
Prime Super chief executive Lachlan Baird signalled the superannuation fund had ample capacity for additional investments.
The adviser to Prime Super on the acquisition was the fund's asset consultant, Access Capital Advisers.
"This acquisition is a perfect example of an investor who has capital and a long investment horizon capturing great opportunities from distressed sellers," Access Capital Advisers chief executive Alexander Austin said.
"We are actively looking for more value-enhancing opportunities for all of our clients."
