South Wharf Tower sold

CBRE Global Investors and German fund manager Universal-­Investment have recently acquired South Wharf Tower.

The property was sold by real estate fund Deka-Immobilien Global, and the acquisition was made on behalf of one of Germany’s largest investors, Bayerische Versorgungskammer (BVK). The parties have agreed not to disclose the sale price.

CBRE managing director Andrew Glass said client demand to invest in Australia continued to be strong.

“It is consistent with our research view that domestic real estate markets will outperform on a global, risk-adjusted basis,” he said.

Managing director of real estate at Universal Investment, Alexander Tannenbaum, also told Southbank Local News that the Asian Pacific area was currently next to the United States as one of the preferred international real estate markets.

Tobacco giant Philip Morris has signed a long-term agreement to lease about 8000sqm of office space across three floors in the tower and plan to relocate its Moorabbin-based staff in August.

Managing director Nikitas Theophilopoulos said the company was looking forward to the relocation, stating that it would be “an outstanding location for the company’s new national headquarters”.