This article is from the Australian Property Journal archive
SAVILLS Investment Management’s new $1 billion-plus fund has launched into Perth, acquiring the Quest East Perth hotel for $US68 million (approximately $90 million).
Savills IM has bought the newly completed serviced apartment hotel from a local developer.
The Quest East Perth comprises 130 rooms, a rooftop function area, gymnasium and conference facilities. It was sold with a lease to Quest to 2031.
The new hotel will be owned of the Savills IM Asia Pacific Fund, which was recently launched and targeting core assets across Australia and Asia, namely in Singapore, China, Japan and Hong Kong.
This is the second asset for the fund after Savills IM acquired the Station Oxley centre last month from Folkestone, for $43.5 million.
Located at 133-157 Oxley Station Rd Oxley in Brisbane’s inner-west, the centre is anchored by a 3,200sqm Woolworths and the Queensland’s Government’s Department of Communities, Child Safety & Disability Service, which occupies a 2,400sqm office space on level one. The sale price reflects a 25.6% premium to its April 2014 acquisition price, and 13.0% premium to its most recent independent valuation at the end of June last year.
Savills IM has more than $23 billion worth of assets across Europe, the US and Asia.
The Savills fund will be third in its Asia series.
Australian Property Journal
