Deka Immobilien GmbH has acquired the South Wharf Office Tower in Melbourne for approximately 85 million.
The property forms the office tower component within the landmark Melbourne Convention and Exhibition Precinct, which also situates the new Hilton Hotel and a recently completed retail arcade. Following the acquisition of properties in Sydney, Melbourne and Perth, South Wharf Tower will be Deka Immobilien's fourth investment in Australia since 2008 and is to be included in the portfolio of the Deka-ImmobilienGlobal open-ended mutual property fund.
The fully let property was sold by Austexx Plenary Tower Pty Ltd, an Australian project development company. Designed as a 4.5 star green office building, South Wharf Office Tower was completed in late 2009 and has a lettable floor space totaling 20,800 m² over 10 levels, accommodating four major tenants including International food group Kraft Foods Limited. The building is situated on the Southbank by the Yarra River; close-by and with views over the Melbourne CBD, and being immediately adjacent to the Docklands commercial district and convenient to the city's main traffic arteries.