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Joint venture purchases Treasury site

Joint venture purchases Treasury site

DLA Piper and King & Wood Mallesons have acted on a $330 million real estate joint venture for the redevelopment of the Old Treasury Building site in Perth.

Firms: DLA Piper (K-REIT Asia); King & Wood Mallesons (Mirvac)

Deal: Cross-border joint venture for the redevelopment of the Old Treasury Building site in Perth

Area: Real estate

Value: $330 million

Key players: The team advising K-REIT Asia was led by Les Koltai, DLA's Australian head of real estate, with support from partners across practice areas and offices, including David Nancarrow, Brian Pass and Tim L'Orange

Deal significance: Under the deal, announced to the ASX and SGX, the joint venture partners will undertake a $330m re-development and then own the new 40,000sqm office tower development. The building is to be tenanted by the WA State Government.

K-REIT Asia is one of the largest real estate investment trusts (REITs) listed on the Singapore Exchange Securities Trading Limited, with assets under management of more than $6 billion. This transaction will be K-REIT Asia's fourth deal in Australia as the S-REIT continues to deliver on its mandate to invest in premium Grade A commercial properties across the Asia-Pacific region. K-REIT Asia currently has investments in Brisbane and Sydney. 

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