Real estate giant Lendlease has teamed with Realside to splash $340 million on a Perth skyscraper.
Lendlease’s Real Estate Partners 4 fund and Realside have inked the deal to buy 108 St Georges Terrace from Brookfield.
The A-grade tower is on a prime corner site in the heart of Perth’s CBD, comprising 38,332sq m of net lettable area over 51 levels with views across Swan River and Perth’s metropolitan area.
Lendlease Investment Management head of private equity Paul Snushall said Perth had experienced the highest level of net absorption in the past 12 months, outperforming all other capital cities.
Snushall said the asset had undergone a $110-million refurbishment in the past decade and was well positioned for rental growth.
“This is a great acquisition for the REP4 portfolio. In line with our recent Blue Tower acquisition in Brisbane and Collins Street acquisitions in Melbourne, we’re keen to enhance 108’s ground plane and end-of-trip facilities, along with creating quality fitted suites to deliver a superior product for current and future tenants,” Snushall said.
Realside Financial Group founding partner Mark Vonic said the office tower offering was rare in the CBD with a good location and amenity.
“Realside’s purchase of 108 is an example of our approach to seeking out opportunities that provide our clients access to core assets that provide attractive returns,” Vonic said.
“The acquisition of an asset of this calibre is reflective of the team’s approach, patience and discipline. We have been delighted by the positive response from our investor base.”
