RREEF Completes Australian Deal for Asian Investor
RREEF has acquired a National Foods grade A office building in Melbourne, Australia, for A$113 million (US$112 million) on behalf of an undisclosed Asian pension fund. This is the Asian pension fund’s first acquisition in Australia, as well as the first deal in which RREEF has invested foreign client capital into Australia.
The 19,000-square-meter office property is part of the new Melbourne Docklands area, a A$12 billion (US$11.9 billion) waterfront development that is Australia’s largest construction project, and one of the world’s largest urban renewal projects.
This is not RREEF’s only recent Asia Pacific property transaction. In November 2010, RREEF purchased the Uniqlo Centre retail property in Osaka, Japan, for about US$237 million on behalf of one of its German open-end fund clients. The property is located in Shinsaibashisuji, a key shopping street in Osaka, a