Wyllie sells 50% of St Georges Square to Charter Hall for $61.5m

Wyllie Group today announced an agreement to sell a 50 per cent interest in its St Georges Square office building at 225 St Georges Terrace in Perth's CBD.

The company has entered into an agreement to sell the half share to Charter Hall Group for $61.5 million, comprising $35.5 million in cash and 18 million Charter Hall shares at an issue price of $1.44.

It is Charter Hall's second move into the WA market in weeks, having recently announced that the first acquisition of its new wholesale property fund will be a new distribution centre to accommodate Coles Myer.

Wyllie Group Managing Director Melissa Karlson said the company had taken advantage of an outstanding opportunity to secure a very attractive sale price and to further diversify the group's asset portfolio.

Ms Karlson said the company would book a significant profit on the sale and actively seek further opportunities.

"This is far more than just an asset sale. We are establishing a good strategic partnership with Charter Hall that will bring a range of future growth opportunities," said Ms Karlson.

"We believe Charter Hall is well positioned for long term growth and has a very strong and professional management team. We will be very pleased to become a shareholder of the organisation."

Ms Karlson said the sale was in line with Wyllie Group's review of its asset portfolio.

"We are currently assessing our portfolio to ensure we have balance and growth potential," she said.