Real I.S. pays $29 million for Canberra’s Maddocks House

Hedley Property Investments has sold a Canberra office to German fund manager, Real I.S. for $29 million.

The 22-year old building, Maddocks House, at 40 Macquarie Street, in Barton (pictured, top), includes 5500 square metres of A-grade commercial space and 75 basement car parks.

It is leased to a mix of federal government agencies and private-sector tenants, and trading on a net passing yield of 7.25 per cent, according to website IPE which reported the deal last week.

“Thanks to its exceptional environmental performance and prime location in one of Canbera’s most sought-after office markets, this aacquisition is nothing short of a future-proofed investment,” Real IS’ head of investment management, Volker Gladis, told The Australian, in this item published on Thursday.

The company holds a portfolio valued at nearly $1.3 billion.

In 2009, we reported that Stockland sold the Edmund Barton building in the same pocket of Canberra to Real I.S. for $186 million.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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