Primewest continues to place their bets on the Perth Office market, with the acquisition of an $86M office building from US giant, Blackstone. The tower was initially purchased for $54.6M according to CoreLogic which reflects a 11% yield. It is expected to be placed into a new syndicate.
The property known as ENI House is a seven-level, A-grade office building located at 226 Adelaide Terrace in Perth’s eastern CBD. It is currently fully leased and anchored by the federal government, Wood & Grieve Engineers and ENI Australia.
Primewest have been recently active in the Perth market having already sold the premium grade Exchange Tower late last year.