Deutsche Asset Management (Deutsche AM) today announced that it has acquired 90 Arthur Street, North Sydney, NSW for AUD $73.5 million on behalf of one of its German funds.
Built in 1987, the building comprises over 9,000 square meters of office and retail space over 15 floors, with car parking facilities. Currently leased to a total of ten office and retail tenants, the property has undergone significant upgrades since 2013 including ground level refurbishment, with further improvements planned. Positioned in a prominent North Sydney business district, 90 Arthur Street enjoys close proximity to Sydney CBD with direct transport links and amenities.
“We are pleased to add this property to our portfolio as we continue to increase our Asia Pacific exposure,” said Victoria Sharpe, Head of Real Estate, Asia Pacific. She added, “This is the first acquisition for the fund in Australia and the fundamentals of the North Sydney office market align well with its investment strategy.”
The real estate business of Deutsche AM currently holds EUR 48.2 billion in assets under management globally; and EUR 2.3 billion in Asia Pacific as at June 30, 2016.
The business will continue to seek investment opportunities in Australia and the Asia region.
For further information please contact:
Mia Popplewell Phone: + 61 (2) 8258 2092 Email: email@example.com
Deutsche Asset Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives platform, this business has more than 410 employees around the world and US$53.6 / €48.2 billion in assets under management as of June 30, 2016, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about our real estate investment capabilities, go to www.deutscherealestate.com
An investment in real estate involves a high degree of risk, including possible loss of principal amount invested, and is suitable only for sophisticated investors who can bear such losses.
With EUR 719 billion of assets under management (as of June 30, 2016), Deutsche Asset Management¹ is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.