Real IS Launches Eighth Australian Fund
Munich-based Real IS has launched Bayernfonds Australien 8, a single-property investment fund. The firm’s eighth Australian investment fund will acquire Defence Plaza, an office property in downtown Melbourne, with a total investment volume of approximately A$131 million (€102 million). The 19,000-square-metre property at 655–661 Bourke Street is let on a 10-year lease to the Australian Ministry of Defence.
“Melbourne is where the success story of the Australia funds of Real IS started in 2005. The prime property acquired at the time was sold with a total payback of 147 percent just two years later, give or take. This is auspicious in the sense that the scheme earmarked for the new fund is located nearby, once again in the central business district,” states Andreas Heibrock, press officer and member of the board of Real IS.