Westgem Investments

Property firm Charter Hall Group has finalised negotiations to buy the Raine Square office and retail complex in central Perth for $458 million.

A buyer has been found for Luke Saraceni's New Esplanade Hotel, joint selling agents CBRE and Jones Lang La Salle say.

Westgem Investments transferred $1.3 million to Saracen Properties a day before the Raine Square office development was placed into the hands of receivers, the first meeting of creditors has revealed.

Receivers for troubled office development Raine Square say project financiers gave the developer, Westgem Investments, ample opportunity to meet its debt obligations, but Westgem chief Luke Saraceni says Bankwest would not discuss refinancing options.