German fund manager Real IS has acquired an office property in Australia’s capital city for a mutual fund.

Real IS said it bought the Maddocks House property at 40 Macquarie Street in the government district of Canberra from an undisclosed vendor for AUD29m (€17.8m).

Maddocks House has a total rental area of around 5,500sqm and is full-let on a long-term basis.

Axel Schulz, the global head of investment management at Real IS, said: “In terms of our purchasing strategy, Canberra ticks all the boxes as the perfect location.

“With our long-standing investment experience in the Australian market, we are successfully continuing to offer attractive investments for private investors.”