Charter Hall buys Perth office tower

Property fund manager Charter Hall announced today that it has moved to full ownership of 225 St Georges Tce, after buying out co-owner The Wyllie Group for $96 million.

The purchase price compared to the $61.5 million that Charter Hall paid in 2006 for its initial 50 per cent stake in the building, known as St Georges Square.

The 19-level building is 100 per cent leased, with BHP Billiton occupying 71 per cent of the net lettable area.

Charter Hall said it looked forward to pursuing other opportunities with The Wyllie Group in the future.

The acquisition price represented an initial yield of approximately 9% and a market capitalisation of 8.5%.

The purchase was made by the Core Plus Office Fund.