Andrew Forrest flags commercial property push after buying $55m Perth office
Billionaire Andrew Forrest’s private Fiveight operation has snapped up a Perth office building for about $55m, flagging a push into commercial property at a time when many listed groups are selling down.
The company is an arm of the Forrest family’s Tattarang investment group and already has a wide-ranging portfolio across agrifood, energy, resources, property, hospitality, sport and entertainment.
Fiveight is one of six business divisions, alongside Harvest Road, SFM Marine, Squadron Energy, Wyloo Metals and Z1Z, and it has been marked out for expansion.
The company put its investment smarts on display with the counter-cyclical acquisition of the Perth office block at a time when many others were steering clear.
But Fiveight is part of a broader property development and investment business that has the skills to reposition offices for the tough times brought about by the coronavirus crisis.
The Perth CBD office tower at 190 St Georges Terrace was sold by a Credit Suisse-managed fund via CBRE and JLL.