This article is from the Australian Property Journal archive
THE Western Australia government has approved Mirvac's sale of a 50% interest in the Treasury Building development in Perth to Keppel REIT.
Keppel REIT entered into an agreement with Mirvac in September last year to buy a stake in the new office tower for $A165.0 million (approximately $S209.7 million).
The trust is on track to complete the acquisition of the office tower in March 2013.
Keppel REIT Management CEO Ng Hsueh Ling said this acquisition reflects the trust’s commitment to continually invest in quality commercial properties.
“Keppel REIT currently owns three quality office assets in the CBDs of Sydney and Brisbane. This property on the historic Treasury Building site is our first in Perth’s prime office sector. We are confident that this new premium grade office development will complement our portfolio of quality properties,” she added.
When completed in the second half of 2015, the 34-storey tower will have an estimated 331,370 sf ft of net lettable area and 208 car park lots and is 98% pre-committed to the WA government under a long-term lease of 25 years with options to extend for another 25 years.
Keppel REIT owns the 77 King St office tower and a 50% interest in 8 Chifley Square, both in Sydney as well as a 50% interest in 275 George St in Brisbane.
Property Review
