In a deal that could result in more than $800 million, Blackstone is selling its half share in Westpac's Sydney office headquarters.
Blackstone is the world's largest owner of real estate with a mantra of "buy it, fix it, sell it". The group originally acquired the building at 275 Kent Street in 2014 for $435 million from the Mirvac Group. This had a premium to book value with a passing yield of 6.65 per cent.
Westpac Place covers approximately 77,000 square metres, just a short distance from Barangaroo.
Image source: Louise Kennerley
Article source: http://www.afr.com/real-estate/blackstone-set-to-double-money-in-four-years-on-westpac-sydney-headquarters-20180123-h0mue8
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