Munich-based GLL Real Estate buys first office asset in Australia

GLL Real Estate Partners has bought its first Australian office property for AUD78m (€49.5m).

The Munich-based fund manager, soon to become the real estate equity platform for Macquarie Infrastructure and Real Assets (MIRA), has entered a partnership with Sydney-based Marprop.

Industry sources told IPE Real Assets that Marprop, a boutique manager with some AUD800m in assets under management, will act as GLL’s asset and investment manager in Australia.

But it is unclear whether Marprop co-invested in the office building, located in North Sydney, a source said.

The purchase of 157 Walker Street by GLL will be settled at the end of this month.

GLL is believed to have indicated that it is keen to continue investing in Sydney.

Last month, MIRA announced that it had signed an agreement with GLL to become its real estate equity platform in Europe and the Americas. 

The merger will see the combined group managing €10.6bn of assets in Europe and the Americas.

GLL will continue to operate under its own brand.

The merger is subject to regulatory and merger approvals. It is expected to close in the second quarter of this year.