Lendlease and a domestic Australian boutique fund manager, Realside Financial, have acquired a 38,332sqm office tower in Perth from Brookfield for almost A$340m (€219m).

Lendlease bought the 51-storey 108 St Georges Terrace building in the Western Australian capital on behalf of Lendlease’s Real Estate Partners 4 fund (REP4).

Paul Snushall, head of private equity, Lendlease Investment Management, described the transaction as “a great acquisition” for the REP4 portfolio.

In line with recent Blue Tower acquisitions by Lendlease in Brisbane CBD, and twin office towers Collins Street, central Melbourne, the fund’s strategy was to add value to the latest asset, he said.

Mark Vonic, founding partner, Realside Financial Group, said: “There are limited buildings in the Perth CBD of such quality, location and amenity to that of 108 St Georges Terrace.”

Vonic said the firm’s strategy was to seek out opportunities that provided clients with access to core assets offering attractive returns.

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