Standard Life Buys Perth Office Asset for A$31 Million
Standard Life Investments’ Select Property Fund has acquired 182 St. Georges Terrace, an office building in Perth, Western Australia for A$31million from Hawaiian Property Group. This is the fund’s fourth purchase in the Australian real estate market, which took the fund’s allocation to direct international real estate within the fund to 54.2 percent as of 5 May 2011.
The 10-story property, situated in Perth’s core commercial office district, comprises 5,317 square meters over two basement car park levels.
The building’s 14 tenants include Rio Tinto, Indigenous Land Corp., The Planning Group WA and Wesfarmers Premier Coal.
Select Property Fund offers institutional and retail investors access to global property markets. The fund accesses these markets via direct investment, unquoted specialist proper