A third round of bidding for Blackstone’s stake in Westpac Place has begun with the price rising to $850 million or more.
The second round of bidding closed last week and the three bidders left competing for the stake are local funds managers Charter Hall and GPT along with Deutsche, which is representing Korea’s National Pension Service.
Blackstone, the world’s largest owner of real estate, purchased its half-stake in 275 Kent Street for $435 million in 2014 from Mirvac, which still holds half, and quickly renegotiated large leases with Westpac. As the group looks to double its money from the stake, the deal will substantiate Blackstone’s ‘buy it, fix it, sell it’ strategy.
Image source: Andrew Quilty
Article source: http://www.afr.com/real-estate/commercial/and-then-there-were-three-bidders-focus-on-westpac-place-stake-20180420-h0z1i0
Ray White’s top 10 listings for May: (Click on address to view listing)
Suite 1001, 67 Castlereagh Street Sydney
Terrace, 40-42 Young Street Sydney
Suite 2802, 25 Bligh Street Sydney
Part 1, 24 Hickson Road Sydney
Ground Floor, 20 Windmill Street
Whole Floor, 387 George Street Sydney
Suite 604, 46 Market Street Sydney
Mezzanine, 27 Macquarie Place Sydney
Level 8, 27 Macquarie Place Sydney
Suite 1004, 46 Market Street Sydney