This article is from the Australian Property Journal archive
CBRE Global Investors has launched into Australia by teaming up with Universal-Investment to acquire the South Wharf Tower from Germany’s Deka-ImmobilienGlobal.
The acquisition was made on behalf of BayerischeVersorgungskammer (BVK), one of Germany’s largest institutional investors. The parties have agreed not to disclose the sales price.
Deka-ImmobilienGlobal put the property on the market in July last year with an asking price in excess of $145 million.
The German fund purchased the office building in 2010 for $115.446 million on a 7.75% yield.
South Wharf Tower is 21,000 sqm office building and is part of a larger mixed-use precinct project along the Yarra River. The building is fully occupied.
The property represents CBRE Global Investors first direct acquisition in Australia.
“We are pleased to have secured South Wharf Tower for BVK as part of their Global investment mandate,” said Andrew Glass, managing director, CBRE Global Investors Australia.
“Client demand to invest in Australia continues to be strong, which is consistent with our research view that domestic real estate markets will outperform on a global, risk-adjusted basis,” he added.
“German institutional investors are still internationalising their real estate allocations. The Asian Pacific area is next to U.S. currently one of the preferred real estate markets abroad,” said Alexander Tannenbaum, managing director at Universal-Investment in charge of the Real Estate division.
Currently approximately about 40% of the EUR 4.5 billion in real estate assets administered through Universal-Investment’s platform are invested outside of Germany.
Australian Property Journal
