Los Angeles / Frankfurt am Main, January 28 2016

CBRE Global Investors and Universal-Investment acquire office tower in Melbourne on behalf of BVK

CBRE Global Investors and Universal-Investment have acquired South Wharf Tower, a Class A office tower in Melbourne sold by the open-ended real estate fund Deka-ImmobilienGlobal managed by Deka Immobilien. The acquisition was made on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors. The parties have agreed not to disclose the sales price.

South Wharf Tower is a modern 21,000 square-meter office building and part of a larger mixed-use project along the Yarra River. The building is fully occupied by a mix of credit tenants across a diverse range of industries. South Wharf Tower was built in 2009 and Deka Immobilien secured the property for its real estate fund in 2010. South Wharf Tower represents CBRE Global Investors first direct acquisition in Australia.

Source: Universal-Investment

“We are pleased to have secured South Wharf Tower for BVK as part of their Global investment mandate”, said Andrew Glass, Managing Director, CBRE Global Investors Australia. “Client demand to invest in Australia continues to be strong, which is consistent with our research view that domestic real estate markets will outperform on a global, risk adjusted basis.”

“German institutional investors are still internationalising their real estate allocations. The Asian Pacific area is next to U.S. currently one of the preferred real estate markets abroad,” explains Alexander Tannenbaum, Managing Director at Universal-Investment in charge of the Real Estate division. At present, about 40 percent of the roughly EUR 4.5 billion in real estate assets administered through Universal-Investment’s platform are invested outside of Germany.

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