The German fund manager Real IS has purchased two adjoining office buildings in Surry Hills in Sydney for A$97m (€60m) from private developer Cornerstone Property Group.
The deal marks Real IS Australia’s 12th acquisition in Australia and sets a record for the suburb, which has become an emerging hub for high-tech and start-up companies. Software developer Canva, a key tenant in one of the buildings, is now valued at A$8.8bn.
Maximillian Kube, director of Real IS Australia, said the two buildings were “undoubtedly some of the best office assets in Surry Hills”.
He said: “We have strong confidence they will continue to perform well into the future.
“The acquisition is in line with our strategy to build exposure to prime office and logistics buildings located in core markets with resilient cash flows.”
Real IS now manages a A$1.4bn portfolio in Australia