Australian real estate investment trust Dexus has invested A$339m (€212m) for a 49% stake in a holding unit trust which owns Capital Square Tower 1 in Perth.
The vendor is a private group of investors, including the Malaysian-backed AAIG, which will retain 51% of the trust.
A portion of Dexus’ investment will be used by the property’s holding trust as a loan to the co-owner, to be repaid in four years. Dexus’s share in the loan is about A$77m.
Capital Square 1, one of three office towers developed on an old brewery site in central Perth, was built in 2018 to house the headquarters of global resource group Woodside Energy.
Darren Steinberg, Dexus CEO, said: “This property is appealing for third-party capital, and will create an opportunity to grow our funds management business in the years ahead,” he said.
Kevin George, Dexus executive general manager, office, said: “Capital Square is one of the leading workplaces in Australia, incorporating technologies and specifications supporting superior sustainability and customer experience outcomes.”
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