Primewest has formed a joint venture with a fund advised by BlackRock Real Assets, acquiring its first property, 140 St. Georges Terrace in Perth, Australia. The seller was AMP Capital Diversified Property Fund, which is to be merge with Dexus Wholesale Property Fund after a unanimous vote by its unitholders on April 27.
The asset totals 30,000 square meters (323,000 square feet) spanning up 28 levels. Under the terms of the joint venture, Primewest will provide project services, property management and leasing services.
This is the first joint venture between the two funds since Primewest’s proposed A$600 million ($466 million) merger with Centuria.
