Half-stakes in three office towers in Melbourne are being sold in an off-market process, with the price expected to reach between A$400 million and A$450 million, translating to about a 5% yield, The Australian Financial Review reported.
Bidding for the properties at 555 Bourke St., 459 Collins St. and 440 Collins St. closed Jan. 31. Dexus, Mirvac Group, Blackstone Group LP, ISPT and Investa are all believed to have submitted offers, the AFR reported Feb. 2, citing market sources.
According to the report, while the assets are held by Juilliard Group, the ultimate owners are affiliated with the Werdiger and Lederman families. The publication also noted that the sales process for the properties started in November 2017, and the sellers had received "non-conforming bids" of up to A$900 million for all the properties.
Flagstaff Partners is marketing the properties.
