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French luxury brand Hermès buys retail space of Sydney building for A$105M

Hermès acquired the retail space of the Trust Building at Sydney's central business district for A$105 million through Qualitas' first Opportunity Fund, The Australian Financial Review reported Aug. 28.

The deal involved four retail floors of the 12-story building at 155-159 King St., where is expected to be the French luxury fashion brand's flagship store.

Qualitas launched its second Opportunity Fund following the Trust Building transaction, and raised A$100 million from institutional and wholesale investors for the investment vehicle, with a target of A$500 million. The new fund will also target opportunistic real estate investments across all property sectors, the publication added.