Investment manager Centuria Capital and MA Financial have jointly acquired a A$223m (€150m) office building in Western Australia from Mirvac.

The partners have equal stakes in the Allendale Square building in Perth and will hold the asset the Allendale Square Fund in a new unlisted single-asset close-ended wholesale property fund.

Jason Huljich, Centuria joint CEO, said: “Allendale Square provides a great counter-cyclical, value-add investment opportunity. It has been acquired with embedded capital value and within a market that benefits from strong tailwinds.”

He said Perth had the country’s highest physical occupancy rate among all capital cities and the market was further supported by a strong outlook for tenant demand throughout the medium term.

Julian Biggins, MA Financial Group’s joint chief executive officer, said the building was well positioned to take advantage of the flight-to-quality trend occurring throughout the office market.

“This is particularly relevant in a market like Perth’s CBD where the sub-lease vacancy is at its lowest in a decade.“

The acquisition is Centuria’s second joint venture with MA Financial. They first partnered last year to secure the 25 Grenfell Street building in Adelaide for A$167m.

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