King & Wood Mallesons has advised Mirvac Group on the divestment of 50% of its interest in the Old Treasury Building development in Perth to Singapore listed K-REIT Asia for $165 million, marking the second co-investment between the two leading real estate entities.
Under the agreement, K-REIT will acquire a 50% interest in the Mirvac (Old Treasury) Trust and the associated trustee, Mirvac (old Treasury) Pty Limited, which has entered into a development agreement with the State of Western Australia to deliver a new A grade office tower which will be built on the Old Treasury Building site in the CBD of Perth. The project is scheduled for completion in 2015.
The 30,800 square-metre building is 98 per cent pre-committed by a 25-year lease to the WA state government.
The King & Wood Mallesons team was led by partners Felicity Savage and Sonya Harris.
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