Investors back Exceed Capital’s acquisition in Adelaide CBD

BRISBANE, Australia - October 30, 2026 - Exceed Capital, a leading Australian investment manager, today announced the settlement of 26 Flinders Street in Adelaide's CBD, after the successful completion of a $36 million capital raise for the FS Property Trust, demonstrating strong investor interest in South Australia's office sector.

Vaughan Hayne, managing director and co-founder of Exceed Capital, said that the completion of the capital raise during a time of global market volatility reflects investor confidence in not just the SA office sector, but also in Exceed Capital's acquisition strategy.

'Interest rate rises, inflation and changing credit conditions have encouraged investors to look beyond short-term issues in today's market and focus more closely on income and asset quality.

'With 26 Flinders Street, a prime office asset in the heart of Adelaide's CBD, we secured investors a strong cash return of around 8 per cent,' Mr Hayne said.

'We purchased the asset at around 50 per cent below replacement cost and at a time when $10.7 million had recently been spent by the vendor on major capital improvements.

'Our investors liked that there was a high occupancy rate and a staggered lease expiry profile with a mix of national, ASX-listed and global operators,' Mr Hayne said.

During the capital raise period, which began in August, Exceed Capital noticed a rise in interest from residential investors seeking high-quality commercial property for a well-diversified portfolio.

'We had a flow of residential property investors reaching out to us to reallocate their capital to a high-quality commercial property asset, with the shift triggered by the federal budget reforms announced in May,' Mr Hayne said.

'They understand that diversification is the foundation of smart property investing and particularly liked that we bought well with 26 Flinders Street, which presented a good opportunity for capital upside.'

In addition to asset quality, Exceed Capital saw first-hand how investors were drawn to the state of South Australia, which has a strong and steady population, jobs growth and a diversified economy.

'When you consider that net absorption has reached up to five times the 10-year average, driven by SA's defence, technology and resources sectors securing long-term demand for quality office space, investors recognised the strength of the market fundamentals. They wanted to be part of this, and that's what Exceed Capital delivered with this acquisition.'

26 Flinders St is the second commercial property purchase for Exceed Capital in South Australia. The firm's first acquisition was 19 Grenfell St, Adelaide, which Exceed Capital settled in January 2025.

For more information on Exceed Capital, visit exceedcapital.com.au

-ENDS-

Editor's Note: Media assets, including images, are available for download.

Media Contact: Bernadette Smon for Exceed Capital: 0478 495 457; bernadette@smonconsulting.com.au

About Exceed Capital
Exceed Capital is an industry-leading investment manager dedicated to collectively growing wealth for its investors. Established in 2016 and privately owned in Brisbane, Queensland, Exceed Capital is a trusted and recognised fund manager across Australia founded on the core principle of alignment with investors. Exceed Capital is committed to delivering sustainable income, strategic growth and transparent communication while building lasting relationships with investors, tenants and industry partners. For more information, visit exceedcapital.com.au.

Key Facts and Figures (at launch of capital raise period): 26 Flinders Street, Adelaide CBD

• minimum $100k investment for the FS Property Trust, a close-ended trust with a 5 year-term
• institutional-grade 16-level tower in a core corridor CBD position
• building rate/m2: $4,894/sqm - approximately 50% below replacement cost
• average projected cash return of 8 per cent per annum, paid monthly
• capitalisation rate (fully leased initial): 9.08 per cent (strong buying)
• net absorption that has reached up to five times the 10-year average
• occupancy: 91% leased with a diverse 24-tenant base, including Sealink/Kelsian, Employers Mutual, Aussie Broadband, Samsung Electronics and BlueScope Steel
• over 50% of tenants in their second or third lease terms, reflecting a market-leading retention rate well above CBD peers
• comprehensively refurbished with $10.7 million in recent capital improvements, including air conditioning, lifts and a new lobby
• 10,217 sqm of high-quality office accommodation across efficient 700 sqm floorplates suited to smaller tenancy demand
• 4-Star NABERS Energy Rating
• 68 secure basement car spaces at 1:150 sqm - one of the strongest parking ratios in the Adelaide CBD.