Competition tightens for $800m stake in Westpac Place

The race to claim Blackstone’s half-stake in Sydney’s Westpac place is shaping up to be one of the biggest single deals in the commercial property market this year, as around six local and offshore bidders vie for the $800 million prize. Competing for the half-stake are Charter Hall, GPT, ISPT and AMP Capital while facing stiff competition from two offshore players - JPMorgan and Morgan Stanley. The shortlisted players, both local and foreign, have all been recently active in the Australian market.

In a much anticipated move, Blackstone decided to put its half-share in Westpac’s Sydney office headquarters to the market. The group purchased its stake in 275 Kent Street for $435 million in 2014 from Mirvac, which still holds half, and renegotiated large leases with Westpac.

The 77,000-square-metre tower stands close to Barangaroo and is leased to Westpac for 12 years.

Image source: Andrew Quilty

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