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Raine Square sold to Charter Hall

The receivers and managers of the Raine Square development, KordaMentha, yesterday successfully completed its sale to Charter Hall (ASX:CHC) on behalf of Charter Hall’s Core Plus Office Fund and its capital partners.

Insights Raine Square sold to Charter Hall
Wednesday, 19 June 2013

Mr Mark Mentha of KordaMentha said the sale was a good result for the Perth market. “The interest from both local and international parties was extremely pleasing. There was very strong competitive tension from a large number of highly qualified parties,” he said.

Mr Mentha said the purchasing fund included a domestic superannuation fund and a global institutional partner. “This shows further confidence in the Western Australian economy, its long term strength and attractiveness as an investment location,” he said.

Raine Square is in the heart of the Perth CBD and includes approximately 45,000 square metres of commercial office space leased to Bankwest, a division of Commonwealth Bank of Australia. It also has a three-level retail complex of 9,800 square metres and various hotel offerings of approximately 5,700 square metres. The retail complex includes the first Coles Supermarket in the Perth CBD and a pedestrian tunnel to the Perth Underground Rail Station.

Bankwest’s headquarters, Bankwest Place, was designed to maximise the benefits of an activity based working environment which maximises the floor space and encourages collaboration, innovation and productivity amongst Bankwest colleagues.

The development was placed in receivership in January 2011. KordaMentha completed the construction of the complex, co-ordinated the leasing of the retail centre and led the asset management of the complex through to sale.

Media enquiries:

Tony O'Callaghan - +61 8 9220 9349 or +61 439 031 788.