Swiss investor buys Australian office
The Swiss AFIAA Foundation for International Real Estate Investments is acquiring an office building in Melbourne, Australia, for A$161.5 million ($121.1 million). The seller is Singapore-based Straits Real Estate.
This is Swiss AFIAA’s second investment in Melbourne. The property will be added to the AFIAA Global fund, which invests in real estate worldwide. In Australia, the fund holds another property in Melbourne as well as assets in Sydney and Brisbane. AFIAA is an investment foundation under Swiss law that invests exclusively in foreign real estate assets.
The property is located at 114 William St. in the heart of the CBD of Melbourne. It was built in 1976 and has been modernized on several occasions, most recently at the beginning of this year.
The 23-story building comprises 226,000 square feet of floor space, with office space accounting for 97 percent of the building and retail on the lower floors accounting for the remaining 3 percent