Australia Yields Beating London in Grab for Offices: Real Estate

Investors are scooping up Australian office buildings at the fastest pace since the end of 2011, attracted by yields that beat those in New York and London.

Mirvac Group agreed this month to buy seven properties for A$584 million ($571 million), while Dexus Property Group, the country’s biggest listed office landlord, paid almost A$1 billion since April for two developments. Investa Property Group, which controls more than A$7 billion of office buildings across the country, has raised money from Swedish and Australian pensions for additional purchases.