YT International, an investor associated with Perth Upper China Hotel, has purchased the Forrest Centre office tower in Perth's CBD.
Allens assisted on the due diligence and bid process for the entire property portfolio offered for sale by the Insurance Commission of Western Australia, consisting of two shopping centres and three commercial office towers.
YT International's bid for the two A grade office buildings at 219-221 St Georges Terrace was successful. Allens is currently assisting on the completion and financing aspects of the transaction.
'We were able to meet the Insurance Commission of WA's sales objectives and put in a solid bid.'
'The combination of our real estate sector expertise and financing capability enabled us to work with our client on all aspects of the acquisition,' said Partner Victoria Holthouse.
'Situated in the centre of Perth's CBD, the towers are one of the most prestigious business addresses on the Terrace,' Victoria said.
The deal is due for completion on 10 March 2016.
Allens legal team
Real Estate – Victoria Holthouse, Lead Partner; Karyn Thomson, Senior Real Estate Counsel and Lindsay Dick, Lawyer
Banking & Finance – Ben Farnsworth, Partner and Jamie Donnelly, Senior Associate
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.