St Hilliers Property have sold their Clarence Street A-Grade Sydney office tower to German property investor Union Investment Real Estate in a deal reportedly worth an estimated $140 million.
According to The Australian, wholesale group Eureka Funds Management assisted the German company to acquire the tower at 155 Clarence Street.
This is the second acquisition into the Australia market for the group, purchasing the Southpoint commercial precinct in what was one of Brisbane's largest property deals.
Speaking with The Australian, Union's head of investment management international Martin Bruhl said Australia made an excellent addition to the group's international real estate fund.
"This strategic investment provides an excellent starting point from which to build a medium-sized portfolio," he said.
It's believed Union was attracted to the building's secure income stream, with a weighted average lease to expiry of over five years.
St Hilliers recently completed a redevelopment of the historic 1930s office building in March this year.
Tenancies include Tyro Payments, Havas Worldwide, Cross Eatery and Cox Architecture.