Asset manager DWS has acquired an office building on Australia鈥檚 east coast on behalf of two of its managed German real estate funds.
DWS has acquired 32鈥�36 York Street, a boutique office building in Sydney, from a local private real estate developer for an undisclosed amount.
Financial details were not disclosed.
The 36 York Street office asset comprises a recently completed office redevelopment with ancillary retail and newly built extension, with a total lettable area of 8,200sqm.
Ben Taylor, head of real estate, Australia, said: 鈥�32 York Street offered a strategic opportunity to acquire a newly completed 鈥榥ext-gen鈥� boutique Sydney office asset, providing our investors exposure to strengthening Sydney office market fundamentals.
鈥淲e have witnessed demand increasingly focus on high鈥憅uality, centrally located office buildings with excellent sustainability attributes.鈥�
Taylor added that the transaction demonstrates the firm鈥檚 local team鈥檚 ability to execute 鈥渉igh conviction, research-led investment strategies鈥�.
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