Primewest, AMP Capital sell Perth's Exchange Tower for $326 million
Joint owners Primewest and AMP Capital Wholesale Office Fund have sold their premium-grade office building Exchange Tower in Perth to the Primewest Counter Cyclical Trust for $326 million.
The trust is understood to be acting for Singapore’s GIC Real Estate.
Vacancy in the 34,479sq m building has fallen to about 12 per cent, after a high of 37.6 per cent two years ago, following extensive capital works including a ground floor lobby refurbishment and new lifts.
New building management systems and forecourt upgrade will be taken up by the new owner.
Exchange Tower is a 40-storey tower located just off St Georges Terrace close to Elizabeth Quay in the CBD. Tenants in the building include engineering group ARUP, Fujitsu, Patersons, Morgan Stanley, Knight Frank, Bain International, Mitsubishi Australia and signage rights tenant, accounting firm RSM.
The building was put up for sale in July.
Primewest will directly managed and lease the asset.
Primewest director John Bond said the asset was meant to be a four-year counter-cyclical investment when Primewest acquired its half in 2016, but sold it due to strong overseas interests wanting to capitalise on the next phase of Perth’s growth.
The company bought its half for $113.5 million.
