One of Deutsche Asset Management’s German funds has bought its first real estate asset in Australia, an office and retail property in Sydney.

The firm paid AUD73.5m (€49.2m) for the asset, at 90 Arthur Street, north Sydney.

Victoria Sharpe, head of real estate for the Asia Pacific, said: “This is the first acquisition for the fund in Australia. The fundamentals of the north Sydney office market align well with its investment strategy.”

The 9,000sqm asset includes office and retail space.

The property is let to 10 office and retail tenants.

The company said it would continue to seek investment opportunities in Australia and the Asia region.