Deka Immobilien has acquired the South Wharf Office Tower in Melbourne for approximately EUR 85 mln. The property forms the office tower component within the landmark Melbourne Convention and Exhibition Precinct, which also situates the new Hilton Hotel and a recently completed retail arcade.
Deka Immobilien has acquired the South Wharf Office Tower in Melbourne for approximately EUR 85 mln. The property forms the office tower component within the landmark Melbourne Convention and Exhibition Precinct, which also situates the new Hilton Hotel and a recently completed retail arcade.
The deal marks Deka Immobilien’s fourth investment in Australia since 2008 and is to be included in the portfolio of the Deka-ImmobilienGlobal open-ended mutual property fund. Earlier it acquired properties in Sydney, Melbourne and Perth.
The fully let property was sold by Austexx Plenary Tower Pty Ltd, an Australian project development company. Designed as a 4.5 star green office building, South Wharf Office Tower was completed in late 2009 and has a lettable floor space totalling 20,800 m2 over 10 levels, accommodating four major tenants including International food group Kraft Foods Limited
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment and WestInvest Gesellschaft für Investmentfonds, together manage fund assets of over EUR 21 bn.
