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Report: Blackstone to sell A$220M portfolio in Australia

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Report: Blackstone to sell A$220M portfolio in Australia

plans to sellA$220 million of homemaker centers in Australia's eastern coast, The Australian reported March 31, citingunnamed sources.

The privateequity giant purportedly aims to sell the portfolio through 151 Property Group,which hired Colliers International and McVay Real Estate to market the assets.

The portfolioincludes Logan MegaCentre near Brisbane and the Shepparton Homemaker Centre in Victoria.Blackstone bought the Logan MegaCentre in July2013 from Mirvac Groupfor A$52 million.

Accordingto the sources cited by The Australian,the plan to sell the portfolio comes amid declining yields in large centers despitethe rapid pace of growth in the sector.

Meanwhile,the publication also reported that at beginning of March, Blackstone divested the151 Castlereagh St. office property in Sydney to Deutsche Asset Management, nettingA$120 million from the sale.

As of March 30, US$1 was equivalentto A$1.30.