Mirvac set to swoop on $850m Westpac Place stake

Mirvac is expected to exercise its preemptive right to take control of a half stake in Sydney’s Westpac Place that Blackstone placed on the market in January and is now valued at more than $850 million.

Bidding has pushed the price to more than $850 million, representing a yield of less than 4.5 per cent.

Property fund manager Charter Hall came out as the preferred buyer for the Blackstone share. But Mirvac remains a very interested player in what will be the second largest single office tower deal in Australia this year. Mirvac has the right to match the best offer made for the Blackstone share as it owns the other half-stake in Westpac Place.

Image source: Andrew Quilty

Article source: https://www.afr.com/real-estate/mirvac-set-to-swoop-on-850m-westpac-place-stake-20180605-h10zzx

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