Deka Immobilien Australian Acquisition

Deka Immobilien has exchanged contracts to secure the purchase of an office building for around EUR 230 million in Brisbane, the capital of the state of Queensland, in the north-east of Australia. The seller is a joint venture 50% owned by the Lendlease managed Australian Prime Property Fund Commercial. The property will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal.

The “Central Plaza Two” property is a top property located in Brisbane's so-called “Golden Triangle” in the heart of the central business district. It offers around 32,000 m² of leasable space, 211 parking spaces and 125 bicycle parking spots, as well as high quality “end-of-trip facilities” that provide common space for showers, bicycle repair, a fitness centre, etc. The property is occupied by 22 tenants, with the main tenant being the Queensland Investment Corporation. The property was completed in 1990, revitalised in 2018 and has received 4.5-star NABERS certification. The NABERS energy efficiency and environmental rating system was established in 1999 to create uniform ratings for buildings in Australia. The top rating is five stars.

This transaction allows the fund management of Deka-ImmobilienGlobal to enter another location in Australia in addition to Melbourne, Sydney and Canberra and strengthen the regional diversification of the Asia-Pacific sub-portfolio with a first class property in an excellent location.