South Africa (SA)-based real estate investment trust company Growthpoint Properties has revealed a 908 million rands (approximately $65 million) injection into its subsidiary, Growthpoint Properties Australia.

The deal pushes its offshore exposure closer to its mark of 30 percent as it aims to improve development and offset poor economic conditions locally.

Growthpoint Properties noted that it is following its full rights in the financing call from Growthpoint Properties Australia for the purchase of the Bank of Queensland headquarters in Brisbane.

The company will partially finance the $180.2 million purchase through an equity raising of up to some $97.3 million and it will be taking up its full authorization of around $64.1 million.