Mapletree makes $59m West Perth play

Singapore real estate funds giant Mapletree has boosted its Australian holdings with the purchase of a West Perth office building for $59 million as more assets were sold out of the Primewest portfolio.

Mapletree has bulked up its Australian unit this year as it bought properties including a Brisbane hotel and a portfolio of office parks, as well as a cold store warehouse for its Singapore-listed industrial trust.

Its latest purchase was flagged by The Australian earlier this year and the deal was brokered by CBRE’s Peter Agostino and Andrew Woodley-Page.

The A-grade complex at 53 Ord St was part of a portfolio listed for sale by Primewest earlier this year, including other assets such as a half-interest in a St Leonards office tower in Sydney and five more offices in NSW, Victoria and Queensland.

Private equity real estate group Altis Property Partners bought the trophy asset Space 207 in St Leonards.

This property represented an attractive opportunity to gain a presence in one of Perth’s most sought-after business districts

Primewest has done well out of the West Perth complex it bought in 2009 for $41.5m.

The A-grade building comprises 6864sqm of commercial space over six levels and is understood to have sold on a yield in the mid to high 7% range.

Mr Agostino says the property’s attractive tenant profile and location were major drawcards.

“Underpinned by a quality blue-chip tenant on a long-term lease, this property represented an attractive opportunity to gain a presence in one of Perth’s most sought-after business districts,” he says.

Primewest’s John Bond says the portfolio sale tapped into strong interest from institutions.

This article originally appeared on www.theaustralian.com.au/property