Asset manager DWS has acquired an office building on Australia’s east coast on behalf of two of its managed German real estate funds.
DWS has acquired 32–36 York Street, a boutique office building in Sydney, from a local private real estate developer for an undisclosed amount.
Financial details were not disclosed.
The 36 York Street office asset comprises a recently completed office redevelopment with ancillary retail and newly built extension, with a total lettable area of 8,200sqm.
Ben Taylor, head of real estate, Australia, said: “32 York Street offered a strategic opportunity to acquire a newly completed ‘next-gen’ boutique Sydney office asset, providing our investors exposure to strengthening Sydney office market fundamentals.
“We have witnessed demand increasingly focus on high‑quality, centrally located office buildings with excellent sustainability attributes.”
Taylor added that the transaction demonstrates the firm’s local team’s ability to execute “high conviction, research-led investment strategies”.
To read the latest IPE Real Assets magazine click here.
