German investor Real IS has sold an office building in Adelaide, South Australia, to the Melbourne-based investment firm, Wingate, and its partner, Chris Lock, for AUD103.5m (€65.5m).
The tower, anchored by the Department of Planning, Transport and Infrastructure and other state government departments, was sold on a yield of about 8.6%.
Real IS acquired the tower at 77 Grenfell Street for about AUD90m in 2011.
Real IS has been in Australia for more than a decade, making its first investment in 2005 and by 2012, it had set up an Australian office in Sydney.
It owns a AUD1.3bn portfolio of commercial towers in Canberra, Melbourne and Adelaide, including 77 Grenfell Street.