Deka Immobilien snaps up office asset in Melbourne

German investor Deka Immobilien has acquired a class A office tower in the Melbourne CBD in a deal that valued the property at more than A$450 million ($327 million). The seller was the Dexus Wholesale Property Fund (DWPF), according to Australian Financial Review.

Located at 452 Flinders St., the 38,000-square-meter (409,028-square-foot) property includes 17 levels of office space, a three-level basement car park, ground-floor retail and end-of-trip facilities. As of June, the building was 100 percent occupied.

The final sale price was not disclosed, but the closing price was said to represent an 11 percent premium to the property's June book value. Dexus paid A$194 million ($141 million) for the property in 2011.

Michael Sheffield, manager of DWPF, said proceeds of the sale will be used to repay debt with capacity to recycle funds into higher returning opportunities.

The deal is subject to the approval by the foreign investment review board and