Transactions - JANUARY 3, 2017

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AEW fund makes investment foray into Australia

by Andrea Waitrovich

Boston-based investment manager AEW has acquired a class B office tower at 55 Clarence St. in Sydney for approximately A$169 million ($122 million). The purchase was made on behalf of AEW’s second Asian real estate fund, AEW Value Investors Asia II. The office investment is the fund’s first asset in Australia.

The seller was Eureka Funds Management, the Australian subsidiary of AXA Investment Managers – Real Assets, which bought the property in 2011 for A$83.2 million ($60.2 million).

AEW Value Investors Asia II closed in June 2016 with $640.2 million in equity commitments. The strategy for the fund is focused on the acquisition of assets in key gateway cities across the Asia Pacific region, principally Hong Kong, Singapore, Seoul, Shanghai and Sydney. The fund is seeking to create value and drive overall returns through the repositioning, redevelopment, releasing and refurbishment of commercial assets.

Since it closed, the fund has

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