LOS ANGELES – January 28, 2016 – CBRE Global Investors and Universal-Investment have acquired South Wharf Tower, a Class A office tower in Melbourne sold by the open-ended real estate fund Deka-ImmobilienGlobal managed by Deka Immobilien. The acquisition was made on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors. The parties have agreed not to disclose the sales price.
South Wharf Tower is a modern 21,000 square-meter office building and part of a larger mixed-use project along the Yarra River. The building is fully occupied by a mix of credit tenants across a diverse range of industries. South Wharf Tower was built in 2009 and Deka Immobilien secured the property for its real estate fund in 2010. South Wharf Tower represents CBRE Global Investors’ first direct acquisition in Australia.
“We are pleased to have secured South Wharf Tower for BVK as part of their Global investment mandate,” said Andrew Glass, Managing Director, CBRE Global Investors Australia. “Client demand to invest in Australia continues to be strong, which is consistent with our research view that domestic real estate markets will outperform on a global, risk-adjusted basis.”
“German institutional investors are still internationalising their real estate allocations. The Asian Pacific area is next to U.S. currently one of the preferred real estate markets abroad,” explains Alexander Tannenbaum, Managing Director at Universal-Investment in charge of the Real Estate division. At present, about 40 percent of the roughly EUR 4.5 billion in real estate assets administered through Universal-Investment’s platform are invested outside of Germany.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
With fund assets in excess of about EUR 260 billion under administration, thereof EUR 220 billion in own vehicles, over 1,000 funds and investment mandates and a workforce of around 600, Universal-Investment is the largest independent investment company in German-spoken Europe. The focus lies on the efficient and transparent administration of funds, securities, real estate and alternative asset classes. Universal-Investment is the central platform for independent asset management and combines the investment expertise of boutiques, private banks, international asset managers and investment firms to offer an exceptional collection of first-class private label funds. Universal-Investment was founded in 1968 as subsidiary of several well-known private banks. The company is headquartered in Frankfurt/Main and has subsidiaries and holdings in Luxemburg and Austria. As pioneer of the investment industry Universal-Investment is now market leader in the areas of master-KVG and private label funds. Members of the management board are Oliver Harth (deputy spokesman), Markus Neubauer, Stefan Rockel, Alexander Tannenbaum and Bernd Vorbeck (spokesman of the management board). (As per 31 October 2015)
More information on www.universal-investment.com
DekaBank is the Wertpapierhaus (Provider of Asset Management and Capital Market Solutions) of the German Savings Banks Finance Group. Together with its subsidiaries it forms the Deka Group, which has total customer assets of around EUR 232 billion (as at 30 September 2015) and around four million securities accounts, making it one of the largest securities services providers in Germany. It provides retail and institutional investors access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.
The Deka Group’s global property expertise is pooled in its Real Estate business division. Capital investment companies Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH manage and service property assets worth more than EUR 27 billion (as at 30 September 2015), jointly with service company Deka Immobilien GmbH.
DekaBank’s property financing department is the second key element within the business division and generates a new business volume of some 2.5 billion Euros p.a.