AU New owners for Bankwest HQ, retail space
Property Here - Wednesday, June 19, 2013
PROPERTY firm Charter Hall Group and an associated superannuation fund have paid $458 million to a receiver for a Perth development which houses Bankwest's headquarters and the city centre's biggest retail space.
The original Raine Square office block and retail development was placed into receivership in January 2011, after developer Westgem Investments failed to meet a $50 million loan repayment to Bankwest and Bank of Scotland, media reports say.
Receiver Korda Mentha has now sold the recently-opened development to Charter and its super fund Core Plus Office Fund, who are referring to the office space as Bankwest Place.
The retail precinct will continue to be known as Raine Square.
Charter Hall joint managing director David Harrison said the development would deliver strong returns, despite the slowdown in resources sector.
"We are confident about the longer-term outlook for Perth and are attracted to the security of a non-resource tenant of Bankwest's calibre in this active precinct," he said in a statement on Wednesday.
"We also believe we can add value to the non-office components of the complex, utilising our retail experience to extract greater value for our investors."
Read more: http://www.news.com.au/realestate/news/new-owners-for-bankwest-hq-retail-space/story-fndbaln9-1226666213998#ixzz2XW00aXVq