Charter Hall Group is selling the Workzone West office building in Perth, Australia, for nearly A$125.3 million to WorkZone West Syndicate, a new fund managed by Elanor Investors Group.
The property leased to CIMIC Group Ltd.'s CBP Contractors Pty. Ltd. subsidiary at 202 Pier St. has a net lettable area of 15,602 square meters. Held by the Charter Hall Direct WorkZone Trust fund, the asset was expected to sell for up to A$140 million in March.
The transaction, which would lift the value of Elanor Investors' portfolio to more than A$1.25 billion, is slated to be settled in late July, the ASX-listed real estate investment company added.