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YT International buys Perth office tower

YT International buys Perth office tower

Holthouse.Victoria

The Allens real estate team has assisted with the sale of Forrest Centre office tower in Perth's CBD.

Firms: Allens (YT International); HWL Ebsworth (ICWA)

Deal: YT International, an investor associated with Perth Upper China Hotel, has purchased the Forrest Centre office tower in Perth's CBD.

Value: Undisclosed

Area: Property

Key players: The Allens legal team was led by Victoria Holthouse (pictured), senior real estate counsel Karyn Thomson and lawyer Lindsay Dick.

The banking and finance team included partner Ben Farnsworth and senior associate Jamie Donnelly.

HWL Ebsworth's team included Mitch Artus and Lynette Goh.

Deal significance: Allens assisted on the due diligence and bid process for the entire property portfolio offered for sale by the Insurance Commission of Western Australia, consisting of two shopping centres and three commercial office towers.

YT International's bid for the two A-grade office buildings at 219-221 St Georges Terrace was successful. Allens is assisting on the completion and financing aspects of the transaction.

“We were able to meet the Insurance Commission of WA's sales objectives and put in a solid bid,” said lead partner Victoria Holthouse.

“Situated in the centre of Perth's CBD, the towers are one of the most prestigious business addresses on the Terrace,” she added.

The deal is due for completion on 10 March.

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