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Centuria outbids Primewest to secure Blackstone's office asset in A$190M deal

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Centuria outbids Primewest to secure Blackstone's office asset in A$190M deal

Centuria Capital Group signed a roughly A$190 million agreement for Blackstone Group LP's office building at 80 Grenfell St. in Adelaide, Australia, with the sale reflecting a yield of approximately 6%, The Australian reported.

The specialist investment manager secured a deal for the property after it outbid Western Australian funds manager Primewest, which was earlier reported to be buying the asset on behalf of South Korean funds. According to the March 29 report, Singaporean investor ARA Asset Management also showed interest in the building.

Blackstone purchased the 23,472-square-meter building in late 2015 as part of a A$400 million deal with Melbourne-based vendor epc.Pacific. The property is almost fully occupied by tenants Bendigo and Adelaide Bank Ltd., the publication added.