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Report: Australian family mulls stake divestment in A$1B assets

Over A$1 billion worth of assets could hit the market as the family that founded Juilliard Corp. Pty. Ltd. mulls the sale of their 50% stake in the Australian company, The Australian reported.

The Werdiger family tapped Flagstaff Partners and PwC's advisory arm to conduct an off-market campaign for stakes in some of its key properties that form the company's commercial portfolio, the publication noted. Both agencies and Juilliard declined to comment on the matter.

Juilliard's portfolio includes the St James Building on Melbourne's Bourke Street and the properties at 440 Collins St. and 459 Collins St., as well as office buildings in Melbourne's central business district and suburban areas, holdings in Canberra, semi-industrial sites, and a regional shopping center. The Dec. 21 report clarified that only a portion of the portfolio could be on offer.

According to the publication, the potential sellout comes amid other Australians also considering the sale of their respective properties, such as Maurice Alter, the founder of the A$2 billion Pacific Group, which is being wooed by GPT Group and QIC in a bid to buy half-stakes in each of two Pacific-owned shopping centers for a combined A$600 million. Also highlighted in the report was Australian billionaire Frank Lowy, who agreed to sell retail giant Westfield Corp. to Europe's Unibail-Rodamco SE under a US$15.68 billion deal.