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  • Primewest (PWG) has formed a joint venture with a fund advised by BlackRock Real Assets to purchase Perth office tower 140 St Georges Terrace
  • While Primewest did not report a sale price, previous reports indicate that AMP Capital was looking to offload the 28-level building for around $260 million
  • Settlement is anticipated for late June, with Primewest Executive Chairman John Bond saying the company was delighted to be establishing a relationship with BlackRock
  • Bond said the joint venture would immediately aim to further enhance the asset as Perth’s premier A-Grade office address with a new strategic management and leasing campaign
  • Tenants at the property include AMP Capital, Department of Veteran’s Affairs, Fair Work Ombudsman and the Downer Group

Primewest (PWG) has formed a joint venture with a fund advised by BlackRock Real Assets to purchase Perth office tower 140 St Georges Terrace.

It is the first joint venture between the entities and the first deal announced by Primewest since its proposed $600 million merger with Australian property group Centuria Capital.

While Primewest did not announce a sale price, previous reports indicate that AMP Captial was looking to offload the 28-level building for around $260 million.

Settlement is anticipated for late June, with Primewest Executive Chairman John Bond said the company was delighted to be establishing a relationship with BlackRock.

“140 St Georges Terrace is a high quality, 30,000 square metre A-grade office building at the epicentre of Perth’s CBD on the corner of St Georges Terrace and William Street,” Bond said.

“A significant amount has been spent on capital upgrades in recent years and we see further value creation opportunities for the asset given our on the ground team, pro-active management approach and in-depth Perth market knowledge.”

“This will be further enhanced by BlackRock’s significant global reach, experience and vision,” he concluded.

Bond said the joint venture would immediately aim to further enhance the asset as Perth’s premier A-Grade office address with a new strategic management and leasing campaign.

He said 140 St Georges Terrace had been a high-profile, gateway building in the Perth CBD for more than 40 years and would continue its pedigree and presence.

When completed in 1975, the skyscraper shortly held the title as the largest in Perth, soaring 131 metres above the ground.

Tenants at the property include AMP Capital, Department of Veteran’s Affairs, Fair Work Ombudsman and the Downer Group.

Primewest was up 0.68 per cent to trade at $1.47 per share at 11:55 AEST.

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