Global investment manager, Invesco Real Estate, has acquired a 50% interest in Perth’s project, One The Esplanade, from global alternative asset manager, Brookfield Asset Management, for an undisclosed sum.
Invesco’s managing director and co-chief investment officer, Ian Schilling, said Perth represented strong relative value and provided an attractive premium to the eastern states with strong rental growth prospects given its current position and the positive outlook for the Perth economy and the CBD office market.
One The Esplanade, centrally located in Perth’s Elizabeth Quay, was acquired by Brookfield in 2019 from Chevron with an agreement to develop a 29-level grade office building including retail space,
Also, Chevron Australia was confirmed as the anchor tenant and committed to a 15-year lease.
“One The Esplanade is a strategically important project that demonstrates the strength of the Perth commercial property market and underlines the resurgence of the Western Australian economy,” Brookfield’s managing partner and head of real estate, Sophie Fallman, said.
“We are pleased Invesco Real Estate has come on board to this great development.”
The project was said to be delivered by Brookfield’s development and operating specialist, Brookfield Properties and would be due for completion in mid-2023, the firm said.