Deka Immobilien has acquired an office and commercial building in Sydney for its open-ended real estate fund Deka-ImmobilienGlobal. This marks Deka’s re-entry into a sought-after office real estate markets after an absence of almost 20 years. The vendor of the property is The Trust Company (Australia) Limited. The parties have agreed not to disclose the purchase price.
“This first purchase on the Sydney real estate market since 2006 sees the fund taking advantage of the rare opportunity to acquire a modern building that offers rent increase potential, in a prime location in Australia's major financial center,” said Victor Stoltenburg, managing director at Deka Immobilien.
In addition, Deka-ImmobilienGlobal is diversifying its portfolio in Australia. The fund has interests in offices in Brisbane and Melbourne, plus retail properties in Sydney and Canberra.
The Sydney property at 333 George St., built in 2016, comprises three floors of retail space and 15 of
