Charter Hall firms as Raine Square favourite

Charter Hall has confirmed it is negotiating two of Perth's biggest property deals. It has the inside run to purchase the Raine Square office and retail complex, and is also in negotiations to buy Westfield's Innaloo Shopping Centre.

The real estate investment group responded to media reports today that it was set to buy the 20-storey Raine Square building for $455 million, saying it had been granted exclusive due diligence for the property on behalf of a number of capital partners.

Raine Square has been on the market since last year, and attracted at least nine bids through the tender process, which closed late last month.

It is understood receivers at KordaMentha were seeking at least $500 million for the asset.

Charter Hall also confirmed today that it has been in commercial negotiations to buy the Westfield Innaloo Shopping Centre.

The Innaloo shops have been on the market since April last year.

“There is no certainty that either transaction will occur, however Charter Hall will advise the market if and when formal binding contracts are exchanged,” the company said in a statement.

At 2:00PM, WST, Charter Hall’s stock was down 0.5 per cent, trading at $4.19.