The Frankfurt-headquartered real estate platform of Deutsche Asset Management has sold 140 Sussex Street, Sydney on behalf of one of its German institutional clients to a Chinese investor for A$130 million ($100 million; €89 million).
The asset is a 14 story building comprising over 129,000 square feet of office and retail space in addition to a two-level basement car park. The property is centrally located in the Western Corridor precinct of Sydney’s business district that is currently undergoing a major resurgence including the redevelopment of the Barangaroo South area.
“As demand for Sydney CBD’s core assets continues to increase, we were able to capitalize on a strong point in the market cycle to sell this property,” said Victoria Sharpe, head of real estate, Asia Pacific, for Deutsche Asset Management.
Sharpe joined the investment management firm from TH Real Estate back in July.
Despite selling this property in Australia the firm has also been active in acquiring assets in the country. In March the firm purchased 151 Castlereagh Street, Sydney, for about A$120 million and said in a statement it will continue to look for investment opportunities in Australian cities.
Deutsche AM’s real estate business in Asia Pacific currently holds $2.6 billion in assets under management as of June 30, 2016.