An unlisted property fund managed by Australian Unity Property has sold an office building to Nippon Telegraph & Telephone Corporation (NTT) for A$72m (€42m).

The Australian Unity Diversified Property Fund had acquired the asset, at 200 Victoria Street Carlton in Melbourne

NTT operates a majority-owned real estate arm, NTT Urban Development.

“The sale outcome, in the face of a market downturn, is testament to the quality of the fund’s assets, and an example of our ability to deliver value for investors over the long term,” the fund said.