A national team from DLA Piper has advised K-REIT Asia in a cross-border joint venture with Mirvac Property Group for the redevelopment of the Old Treasury Building site in Perth.
Under the deal, announced to the ASX and SGX, the joint venture partners will undertake an AUD $330m re-development and then own the new 40,000 sqm office tower development. The building is to be tenanted by the WA State Government.
K-REIT Asia is one of the largest real estate investment trusts (REITs) listed on the Singapore Exchange Securities Trading Limited with assets under management of more than $6 billion. This transaction will be K-REIT Asia’s fourth deal in Australia as the S-REIT continues to deliver on its mandate to invest in premium Grade A commercial properties across the Asia Pacific region. K-REIT Asia currently has investments in Brisbane and Sydney.
The team advising K-REIT Asia was led by Les Koltai, DLA Piper’s Australian Head of Real Estate, with support from partners across practice areas and offices, including David Nancarrow, Brian Pass and Tim L’Orange.
Les Koltai said: “We are delighted to have acted for K-REIT Asia on this successful joint venture with Mirvac Property Group. This transaction showcased DLA Piper’s capacity to act on high end, complex real estate deals .”
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