BHP Billiton’s proposed spin-off company South32 has signed a ten-year lease in a Perth office building.
Should shareholders vote up the demerger in May, South32 will lease 8,300 square metres of the 52-storey Bank West building.
The company is expected to inherit 25,000 employees and will have a primary listing on the Australian Securities Exchange, a secondary listing on the Johannesburg Stock Exchange and a standard listing in London.
Brookfield Prime Property Fund (BPA) owns 50 per cent of the office building, and said along with a failed demerger, the lease may also be terminated by BHP in other circumstances with appropriate compensation.
