GEM pays $39.35 million for Perth property

GEM Commercial Property Trust, part of the Growth Equities Mutual Ltd stable, said it has acquired a 50 percent interest in Allandale Square, Perth, for $39.35 million. The acquisition was from the Armstrong Jones Perth Property Fund. The acquisition represented an initial yield of seven percent on total purchase price based on current income. Good income growth was anticipated, it said. The other 50 percent of the property had been purchased by the Australian Prime Property Fund from the MLC Ltd No 1 Statutory Fund in a separate transaction, GEM said. The property comprises a 32 storey office tower, plaza level and main lobby, retail arcade and basement car park. The office and retail space have a total lettable area of 28,707 square metres.

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