Deutsche Asset Management acquires Melbourne CBD office building

555 Lonsdale Street, Melbourne
555 Lonsdale Street, Melbourne

DEUTSCHE Asset Management (Deutsche AM) has acquired 555 Lonsdale Street, Melbourne on behalf of a European institutional client. The transaction was part of a property swap with QIC for Sydney shopping centre, Pittwater Place in Mona Vale. Both properties settled simultaneously.

555 Lonsdale Street, Melbourne comprises 16 levels and more than 16,000 square metres of modern office space, recently refurbished to a high standard. Well positioned within the city’s legal precinct and Victorian Law Courts, the property has a strong tenancy profile supported by a number of reputable legal service providers.

Victoria Sharpe, head of alternatives, Asia-Pacific at Deutsche AM says, “The swap deal is a rare occurrence in private real estate and worked for both parties. This is an excellent investment in Melbourne’s strengthening CBD office market and a great opportunity to diversify the global portfolio for our client.”

This latest purchase follows on from the recent office building acquisition of 120 Edward Street in Brisbane as well as three logistics acquisitions across Brisbane and Melbourne made by Deutsche AM so far this year.

Deutsche AM’s real estate business has 49.7 billion euros/56.7 billion US dollars globally in assets under management as of June 30, 2017.