A state-owned company that provides injury insurance and self-insurance has completed its commercial property exit with the sale of its A-grade office tower in Perth, as it aims to focus on its core insurance functions.
The Insurance Commission of Western Australia (ICWA) has sold its 18-level Westralia Square building to Sydney-based GDI Property Group for $216.25 million.
“The sale of Westralia Square represents the end of the Insurance Commission’s property divestment program,” ICWA chief executive Rod Whithear told
The West Australian report. Whithear said the sale, with settlement expected at the end of October, brings the proceeds of ICWA's property asset sales to more than $800 million.
HWL Ebsworth and
PwC were appointed by the commission as the legal and financial firms to handle the sale of its direct property portfolio more than two years ago.
According to property sources, up to five bidders offered $200 million to $220 million for the 32,635-square-metre property – seen as a positive sign for the Perth's CBD office market, which is expected to be hit with 20% plus vacancy rates for another three years, the report said.
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