Real IS has bought a commercial building in the harbourside suburb of Walsh Bay in Sydney for A$47.75m (€29m) on behalf of Real IS Australian Institutional Portfolio Fund (AIPF), a special real estate fund set up for German institutional investors.
The purchase of 8 Windmill Street in Walsh Bay is the fifth investment of the fund and further strengthens its return profile and diversification. according to the Munich-based investor, which described it as “an attractive addition” to Real IS Group’s extensive real estate assets.
The 3,748sqm office building is located in the heart of Sydney’s historic – and rapidly expanding – Barangaroo/Walsh Bay precinct. The property, built in 2004, is in close proximity to key cultural landmarks and benefits from the new Barangaroo Metro link which provides direct access to the city’s financial core at Martin Place and the northern and southern suburbs.
George Koumoukelis, transaction manager of the Australia office at Real IS Group, said: “This acquisition aligns perfectly with our investment strategy of securing high-quality properties in dynamic urban centres. The Walsh Bay precinct of the Sydney CBD is a vibrant and rapidly growing market, and we believe this property will provide significant value to our investors.”
Désirée Bühler, managing director of Real IS Australia said 8 Windmill Street underscored confidence in the long-term potential of Sydney’s commercial real estate market. “We are particularly proud of the outstanding work done by our Australian team, whose local expertise and strategic vision were crucial to the success of this acquisition,” she said.
Christine Bernhofer, member of the Real IS Group management board, added: “As an internationally active asset manager, we have the advantage of our local teams that can act swiftly upon attractive opportunities when they arise. Australia currently offers European investors good prospects for market entry.”
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