Brookfield sells another Chevron HQ stake

Brookfield has sold more of Perth’s One The Esplanade.

Brookfield has sold a quarter of a 29-level office under construction in Perth.

The deal with Singapore sovereign wealth fund GIC is worth $220 million.

It comes a year after the vendor offloaded a half stake to US manager Invesco for $500m.

Brookfield will hold the balance.

One The Esplanade

The project, One The Esplanade, in the city’s Elizabeth Quay, will contain 56,000 square metres of lettable area including ground floor retail (story continues below).

Chevron pre-committed to 42,000 sqm of the Premium grade workspace for an initial 15 years.

It exchanged the land making way for the office to Brookfield in 2019.

The Australian was the first to report the GIC deal.

Last week Singapore investors – Stamford Land Corporation and Redhill Partners – traded the Hay Street, Perth, office which was Chevron’s HQ until 10 months ago.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco