❓ Mr. Wyatt questions the Treasurer regarding the Insurance Commission of Western Australia's (ICWA) property asset sales, specifically Westralia Square, Westralia Plaza, and the Forrest Centre. The Treasurer provides a general overview of ICWA's divestment strategy but lacks specific details on offers and buyers.
AnsweredQoN 31Legislative Assembly
QuestionView source ↗
INSURANCE COMMISSION OF WESTERN AUSTRALIA —
PROPERTY ASSETS SALE
31. Mr B.S. WYATT to the Treasurer:
I refer to media reports that the
Insurance Commission of Western Australia has withdrawn the sale of property
assets for Westralia Square and Westralia Plaza.
(1) Can the
Treasurer confirm the withdrawal of those properties from active divestment and
that they were withdrawn due to offers being below valuation?
(2) How far below the valuation of
ICWA were any of the offers that were received?
(3) Has the sale of the Forrest
Centre been finalised; and, if so, to whom has it been sold and at what price?
PROPERTY ASSETS SALE
31. Mr B.S. WYATT to the Treasurer:
I refer to media reports that the
Insurance Commission of Western Australia has withdrawn the sale of property
assets for Westralia Square and Westralia Plaza.
(1) Can the
Treasurer confirm the withdrawal of those properties from active divestment and
that they were withdrawn due to offers being below valuation?
(2) How far below the valuation of
ICWA were any of the offers that were received?
(3) Has the sale of the Forrest
Centre been finalised; and, if so, to whom has it been sold and at what price?
AnswerView source ↗
(1)–(3) Last
year ICWA came to me and said that it had a large number of assets—shopping
centres and buildings—in the CBD. The buildings, of course, were
acquired during WA Inc times, and ICWA said that it did not want to own and
manage property; it would rather sell it and put the money into some other
types of investment, and all the money would stay with ICWA, of course. We
agreed to it pursuing that, so it sold the shopping centres for—I
cannot correctly remember—over $300 million, a price, substantially —
Mr
B.S. Wyatt : Shopping centres?
Dr
M.D. NAHAN : It was two shopping centres, in Ellenbrook and in Canning Vale,
at about 40 per cent above book value. That has been done, announced and taken
care of. ICWA had three other properties; the member is right. With two of
them, I have been told that one has been sold, one is in the process of being
sold—I am waiting for advice on that.
Mr
B.S. Wyatt : This is the Forrest Centre?
Dr
M.D. NAHAN : Yes.
Mr
B.S. Wyatt : To whom?
Dr
M.D. NAHAN : I cannot tell the member right now. I have not received the
final report on it. All I can say is that it is a major investor from China.
Several members interjected.
Dr
M.D. NAHAN : I cannot remember the guy's name and the name of the
firm that was going to buy it, but the other two are still on the market. Some
people have approached ICWA. There were some offers. It did not take the offer.
I am not privy to who they were or what they offered; I was not told. ICWA has
decided that for a short time it will take additional expressions of interest.
If anything comes up, it will let me know. That is all I can say. I will make
an announcement when the ICWA board tells me what its final decision on the
sale of the asset is, when it is going to sell and who it is selling it to. I
will put that out, but until I get reports from the board of ICWA on the detail
of this, I cannot disclose it.
year ICWA came to me and said that it had a large number of assets—shopping
centres and buildings—in the CBD. The buildings, of course, were
acquired during WA Inc times, and ICWA said that it did not want to own and
manage property; it would rather sell it and put the money into some other
types of investment, and all the money would stay with ICWA, of course. We
agreed to it pursuing that, so it sold the shopping centres for—I
cannot correctly remember—over $300 million, a price, substantially —
Mr
B.S. Wyatt : Shopping centres?
Dr
M.D. NAHAN : It was two shopping centres, in Ellenbrook and in Canning Vale,
at about 40 per cent above book value. That has been done, announced and taken
care of. ICWA had three other properties; the member is right. With two of
them, I have been told that one has been sold, one is in the process of being
sold—I am waiting for advice on that.
Mr
B.S. Wyatt : This is the Forrest Centre?
Dr
M.D. NAHAN : Yes.
Mr
B.S. Wyatt : To whom?
Dr
M.D. NAHAN : I cannot tell the member right now. I have not received the
final report on it. All I can say is that it is a major investor from China.
Several members interjected.
Dr
M.D. NAHAN : I cannot remember the guy's name and the name of the
firm that was going to buy it, but the other two are still on the market. Some
people have approached ICWA. There were some offers. It did not take the offer.
I am not privy to who they were or what they offered; I was not told. ICWA has
decided that for a short time it will take additional expressions of interest.
If anything comes up, it will let me know. That is all I can say. I will make
an announcement when the ICWA board tells me what its final decision on the
sale of the asset is, when it is going to sell and who it is selling it to. I
will put that out, but until I get reports from the board of ICWA on the detail
of this, I cannot disclose it.
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