Brookfield has sold down a 25% interest in the Perth office tower to GIC for $200m.
Brookfield bought the site from Chevron in 2019 under an agreement to develop a 29-level, 56,000sqm premium-grade office building including retail and restaurants with Chevron Australia committing to a 15-year lease on about 78% of the space.
A half interest in the project was sold to funds house Invesco at the start of last year for about $400m on a forecast yield of 5%. Brookfield will retain the final 25% interest in the tower.
Construction work at the tower kicked off in January this year. Premier Mark McGowan used the opportunity to welcome the start of works, saying “The new 29-storey tower will add to Perth’s skyline bringing with it more optimism to the property development sector”.
“The new headquarters is a sign of Chevron’s commitment to WA and strengthens WA’s position as a global energy hub leader.”
It is estimated that the development and construction of the $362m tower will create about 1,200 jobs. The project is expected to be completed by mid-2023.
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