Acquired from Chevron, 1 The Esplanade development site in Perth. On the site, Brookfield will develop a 581,000-square-foot, premium grade office tower for Chevron, who has pre-committed to occupy 78% of the building for a 15-year term commencing in 2023 on completion of the building.
BPY concurrently entered into a forward sale arrangement for a 50% interest in the building to an institutional investor at a record cap rate for the Perth Prime Office CBD market - with 100% of the forward sale equity proceeds received in Q1 2020.