Invesco Ltd. struck a deal to acquire a 50% stake in Chevron Australia Pty. Ltd.'s future headquarters in Perth, Australia, which Brookfield Asset Management Inc. is developing, The Australian Financial Review reported Jan. 29.
The U.S. investment house commenced due diligence on the stake in May 2019 and the deal, which reflects a roughly 5% yield, is expected to close in February.
Brookfield will oversee the project intended for the A$800 million 1 The Esplanade in Elizabeth Quay, with completion slated for mid-2023. Multiplex is constructing the 29-level building that will have 57,000 square meters of office space and also feature retail space, as well as food and beverage outlets.
Chevron committed to lease 78%, or 42,000 square meters, of the property's total available floor space for a term of 15 years, the publication reported.
Brookfield marketed the interest in 2019 with the help of JLL and Cushman & Wakefield. The 50% stake initially attracted bids from 11 investors, with Invesco shortlisted along with AMP Capital, Singapore's sovereign wealth fund GIC Pte. Ltd. and Ara Asset Management Ltd.