- Office building in the centre of Perth CBD
- PWG to provide project services, property management and leasing services
- The first deal since PWG announced merger news with Centuria Capital
In the first deal since the news of a merger between Primewest (ASX: PWG) and Centuria Capital (ASX: CNI) earlier this month, Primewest has now announced the company has formed a joint venture with BlackRock Real Assets.
The move sees the two companies purchasing 140 St Georges Terrace in Perth, a prime piece of commercial real estate in the heart of the CBD. The tower is also known as the AMP Tower, currently managed by AMP Capital on behalf of the diversified property fund arm of the company ADPF. That part of the business went to Dexus in a unitholder vote yesterday.
The 30,00 square metre, A-grade office building has seen substantial improvements, Primewest Executive Chairman John 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.”
John Bond, Primewest Executive Chairman
The deal sees Primewest “provide project services, property management and leasing services to the JV and will provide a co-investment stake consistent with other institutional real estate mandates.”