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DB RREEF, on behalf of its direct property mandate with AXA Wholesale Australia Property Fund (WAPF), has acquired an office building at 441 St Kilda Road, Melbourne, for $65.5 million.
WAPF Fund Manager at DB RREEF, Robyn Scott, said: “441 St Kilda Road is the Fund’s first office acquisition in Victoria and further diversifies the portfolio by adding to our existing office presence in Sydney, Canberra, Perth, Hobart and New Zealand. This acquisition increases the direct property
portfolio to 22 properties valued at $780m.”
441 St Kilda Road is currently occupied by 18 tenants, including major corporates Kellogg Brown and Root, MAB and SAP, and has an average weighted lease term of 3.2 years.
The modern, A-grade office building was refurbished in 2004 and comprises 16,123 square metres of net lettable area, with large floor plates of approximately 1,655 to 3,200 square metres. The building is at the northern end of St Kilda Road and offers views towards the city and Fawkner Park.
441 St Kilda Road is the second Victorian property acquired by the fund in the last month. It follows the acquisition of a 50 percent interest in the Coles Distribution Centre at the DB RREEF Industrial Estate in Laverton North VIC.
This newly constructed distribution centre is fully leased to Coles for 15 years and has a gross lettable area of 42,954 square metres. A 50 percent interest has been acquired from DB RREEF Trust for $58.0m and is the second largest industrial property in the portfolio behind the recently acquired property at Vanessa Street, Kingsgrove NSW.
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