Deka Immobilien makes strategic acquisition in Sydney after 20-year hiatus

Deka Immobilien has re-entered Sydney’s highly coveted office real estate market after nearly two decades, acquiring a prime office and commercial property for its open-ended real estate fund, Deka-ImmobilienGlobal. The property, located at 333 George Street, was purchased from The Trust Company (Australia) Limited, though the financial details of the transaction remain undisclosed.

Victor Stoltenburg, Managing Director of Deka Immobilien, highlighted the strategic significance of the acquisition: “This first purchase in Sydney since 2006 capitalizes on a rare opportunity to secure a modern, well-located building with potential for rent increases in Australia’s major financial hub.” He added that the acquisition also serves to diversify Deka-ImmobilienGlobal’s portfolio in Australia, where the fund already holds office properties in Brisbane and Melbourne, along with retail assets in Sydney and Canberra.

The property at 333 George Street, built in 2016, features three floors of retail space and 15 office floors, offering a total of 14,500 square meters of leasable area. Tenants on the top five floors benefit from exclusive access to outdoor terrace areas. The building is currently leased to 14 tenants, with international law firm Clyde & Co. serving as the main occupant through its Australian arm, Clyde Australia Services.

Positioned in the heart of Sydney’s financial district, the building boasts strong transport connectivity. A tram stop is located directly in front of the property, while the city’s metro network, recently expanded in August, is just a short walk away—further enhancing commuter access.

Sustainability is also a key feature of the property, which boasts a 5.5-star NABERS Energy rating. This places the building just shy of the highest possible score under the National Australian Built Environment Rating System (NABERS), which has set the benchmark for energy efficiency and environmental standards in Australia since 1999.

This acquisition follows Deka-ImmobilienGlobal’s anti-cyclical purchase of an office complex in Vancouver earlier this year, reinforcing the fund’s strategy of acquiring high-quality assets in prime locations amid shifting market conditions.