Third round of bidding underway for Westpac Place stake

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

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