Brookfield and Cbus Property have formed a joint venture to develop a A$500m (€307m) office building in Western Australia.
The Nine The Esplanade project in Perth’s Elizabeth Quay, is currently under construction, and is anticipated to be completed in 2025.
Sophie Fallman, Brookfield managing director and head of real estate in Australia said: “Perth is experiencing the strongest market conditions since the 2011 resources boom.”
Fallman said the global flight-to-quality thematic for real estate was playing out in the Perth office sector, resulting in strong demand for highly sustainable and premium-grade assets with good amenities.
Brookfield’s adjoining just-completed A$800m Chevron headquarters tower, jointly owned with Invesco, is fully leased.
“We have strong conviction in the Perth market and are pleased to be developing Nine The Esplanade with our joint venture partner, Cbus Property.”
Australian superannuation fund Cbus Super, previously partnered with Brookfield to develop the Classic East Melbourne residential project in Victoria.
Cbus Property’s chief executive officer, Adrian Pozzo, said that Nine Elizabeth Quay presented “an invaluable opportunity” to re-enter the Perth office market following the success of 140 William Street 10 years ago.
“It’s great to be back,” said Pozzo, adding “in recognising the prime location of the site in the heart of the landmark Elizabeth Quay precinct, we seized the opportunity to partner with Brookfield to deliver another industry-leading commercial office building for Perth.
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