Invesco Ltd. commenced due diligence on an A$800 million office development in Perth, Australia, after being chosen by Brookfield Asset Management Inc. as the preferred buyer of a 50% stake in the property, The Australian Financial Review reported.

The proposed 29-story building will be the new headquarters of oil company Chevron Australia Pty. Ltd., which will lease 80% of the 52,785 square meters of office space in the property.

Aside from the U.S. funds giant, the project at 1 The Esplanade in Elizabeth Quay attracted 10 other companies, including AMP Capital, Singaporean sovereign wealth fund GIC Pte. Ltd. and Ara Asset Management Ltd., according to the publication.

Marketing agents JLL and Cushman & Wakefield did not respond to calls regarding the divestment of the interest that is expected to be sold on a roughly 5% yield, the May 20 report added.