Deutsche Asset Management acquires real estate in Finland and Australia

Deutsche Asset Management has acquired properties in Espoo, near Helsinki, and in Brisbane, Australia, on behalf of one of its German domiciled open-ended real estate funds.

Deutsche AM purchased two office buildings including a car park in Keilalahdentie 2–4, in Keilaniemi, Espoo near Helsinki, for approximately €164 million ($194 million), which is the first transaction in Finland for the fund.

Built in 1996 and 1997, the buildings have been consistently upgraded since construction, totaling approximately 336,000 square feet, and are fully let on a long-term basis. The property is part of the former headquarters of Nokia Corp., and one of the most well known buildings in Finland.

The acquisition in Australia comprises a heritage listed, high street retail building located at 180 Queen Street in the Brisbane central business district. Built in 1930, this neo-classical style building comprises 377,000 square feet with retail space on the ground and mezzanine floors, with six levels of small suite office space. The property enjoys a well-diversified tenancy profile with a current 87 percent occupancy rate. The purchase price was around €35 million ($41 million).