Deka Immobilien Investments has acquired an office building in the northeast of Australia for A$380m (€235.4m).
Lendlease’s Australian Prime Property Fund (APPF) Commercial jointly owns the building, at 66 Eagle Street in Brisbane, with Abu Dhabi Investment Authority (ADIA).
Deka began due diligence on the building in November.
The purchase adds to two other recent acquisitions in Australia for Deka – a shopping centre in Canberra and a retail building in Sydney.
Property analysts say it is possible that the three assets could be used by Deka to seed a proposed Asia-Pacific open-ended fund expected to be launched in the second half of this year.
Middle Eastern sovereign wealth fund ADIA first put its half of the building on the market in June, but APPF Commercial, which has a pre-emptive right to the stake, declined to take up the offer.
Instead, in September, it also offered its half of the building for sale.