King & Wood Mallesons has advised Mirvac Group on the divestment of 50 per cent of its interest in the Old Treasury Building development in Perth to Singapore listed K-REIT for $165 million.
Mallesons partner partners Felicity Savage and Sonya Harris lead the deal.
The deal marks the second co-investment between the two leading real estate entities.
Under the agreement, K-REIT will acquire a 50 per cent interest in the Mirvac (Old Treasury) Trust and the associated trustee, Mirvac (old Treasury), which has entered into a development agreement with the State of Western Australia to deliver a new A grade office tower which will be built on the Old Treasury Building site in the CBD of Perth.
The project is scheduled for completion in 2015.
The 30,800 square-metre building is 98 per cent pre-committed by a 25-year lease to the WA state government.