Grade-A office property in Perth sold for A$79M

Grade-A office property in Perth sold for A$79M

EG, Sydney-based real estate fund manager with over A$2.4 billion assets under management, has acquired 2 Mill Street, a Grade-A office property in Perth for A$79.05 million.

The twelve-level, Grade-A office property located in the core business precinct of Perth CBD, a short 5-minute walk from Elizabeth Quay. The asset has been acquired with a WALE of 1.8 years.

”The acquisition is the second property secured for the $800 million Australian Core Enhanced Fund (ACE), an open-ended, diversified fund targeting office, retail and industrial assets,” said the company in a press release.

“We are pleased to see our Core Enhanced Fund expanding and diversifying through the acquisition of high-quality assets,” said Aakriti Chona, Senior Manager, EG.

“2 Mill Street delivers quality office space with a strong tenant profile. This asset is perfectly positioned to benefit via a targeted refurbishment and leasing strategy as Perth experiences improving macroeconomic conditions. EG is looking forward to further successful acquisitions on behalf of our investors in the ACE fund.” said Dan Farley, Fund Manager, ACE.

EG ACE will be opened to further investment until June 2020, targeting up to an additional $500m of equity commitments.

The transaction was brokered on-market by Todd Schaffer of Knight Frank in conjunction with CBRE.