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Roxy-Pacific and JV partner acquire 4.4ha land in Western Australia for A$59m
ROXY-PACIFIC Holdings has, with its joint-venture (JV) partner Hostplus, acquired a 4.4-hectare land parcel in North Fremantle, Perth, Australia for A$59 million (S$63 million).
Roxy NF, a subsidiary of Roxy-Pacific, will provide 40 per cent of the equity for the acquisition. The remaining 60 per cent will be provided by Hostplus, which is an Australia-based superannuation fund.
The JV partners intend to rezone the industrial site - located next to the prime Leighton beach and a train station connected directly to Perth's central business district - for residential and commercial uses.