Dexus buys interest in Perth office tower for $250m

Dexus has acquired a 49 percent interest in a holding unit trust that owns Capital Square Tower 1 at 98 Mounts Bay Road in Perth, Australia, for a total consideration of A$339 million ($250 million).

Capital Square Tower 1 has been externally valued at A$970 million ($714 million) as of June 2021 and has A$450 million ($331 million) of senior secured debt.

The tower is a premium-grade office building located on a 13,418-square-meter (144,430-square-foot) site in the Western precinct of the Perth CBD and comprising 60,635 square meters (652,670 square feet) of net leasable area. The property was built in 2018 to accommodate Woodside Energy Ltd.’s headquarters and is 100 percent occupied.

Darren Steinberg, CEO of Dexus, said, “This acquisition enhances our portfolio with a high-quality landmark asset that we have secured at an attractive cash yield. This property is appealing for third-party capital and will create an opportunity to grow our funds management b