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Premium Perth office building acquired

Premium Perth office building acquired

Victoria Holthouse

Two firms have advised on the acquisition of a 13-storey office building located in Perth’s CBD.

Firms: Allens (investment entity); HWL Ebsworth Perth (ICWA)

Deal: An undisclosed investment entity associated with Zone Q Investments (Zone Q) acquired Westralia Plaza from the Insurance Commission of Western Australia (ICWA).

Value: $87 million

Area: M&A

Key players: The team advising the investor associated with Zone Q was led by Allens partner Victoria Holthouse (pictured), with assistance from senior real estate counsel Karyn Thomson, lawyer Alexandra Lanyon and law graduate Rachel Giudicatti.

Deal significance: Westralia Plaza is a 13-storey CBD office building located in Perth and is the second in a suite of three premium office buildings ICWA has offered to the market.

Zone Q is a Chinese real estate developer that currently has a number of inner-city residential buildings in development in Perth. The acquisition by the investor associated with Zone Q expands the company’s portfolio to include commercial property.

Allens lead partner Victoria Holthouse said the transaction builds on the firm’s presence in the Western Australian property market.

“It is exciting to see new purchasers enter the Perth commercial CBD market with a commitment to the market,” she said.

“Zone Q is very keen to build on its commercial portfolio.”

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