Charter Hall dominates in Westpac building tussle

Local property fund manager Charter Hall is understood to have achieved ‘preferred’ buyer status for what will be this year’s second largest single office tower deal in Australia.

Blackstone, the world’s largest owner of real estate, placed its half-share in Westpac Place on the market in January, with expectations it could fetch more than $800 million. Bidding among the principal contenders - Charter Hall, GPT and Deutsche, representing Korea’s National Pension Service - has pushed the price to more than $850 million.

The property at 275 Kent Street comprises of a 77,000-square-metre tower sitting just a few hundred metres from Barangaroo.

Image source: Andrew Quilty

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