EG purchase 12 storey Perth office building for $79 million

EG, an Australian real estate fund manager, announced its recent acquisition of a Perth office building for $79.05 million. 

The twelve-level, A-grade office accommodation at 2 Mill Street provides modern amenities in the core business precinct of Perth CBD, a short 5-minute walk from Elizabeth Quay.

The asset has been acquired with a WALE of 1.8 years.  

The acquisition is the second property secured for the $800 million Australian Core Enhanced Fund (ACE), an open-ended, diversified fund targeting office, retail and industrial assets. 

“We are pleased to see our Core Enhanced Fund expanding and diversifying through the acquisition of high-quality assets,” said Aakriti Chona, Senior Manager, EG. 

“2 Mill Street delivers quality office space with a strong tenant profile. This asset is perfectly positioned to benefit via a targeted refurbishment and leasing strategy as Perth experiences improving macroeconomic conditions. ” said Dan Farley, Fund Manager, ACE.

EG ACE will be opened to further investment until June 2020, targeting up to an additional $500m of equity commitments. 

The transaction was brokered on-market by Todd Schaffer of Knight Frank in conjunction with CBRE.