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Australian JV buying Adelaide tower from German group for A$105M

German property investor Real IS is selling an office tower in Adelaide, Australia, to a joint venture between real estate executive Chris Lock and Wingate investment house for roughly A$105 million, The Australian reported.

The 20-story, grade A building at 77 Grenfell St. serves as the Adelaide head office for the state's Department of Planning, Transport and Infrastructure, which occupies 96% of the asset, according to the Aug. 9 report. The state government has a 12.5-year lease on the property, with a weighted average lease expiry of 4.1 years.

The building has an overall occupancy rate of 99%.

The asset also offers an approximately 8% yield and would generate roughly A$9 million in yearly rental income when it is fully occupied, the publication added.