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Report: Blackstone to sell A$700M Australian office assets

Blackstone Group LP is planning to sell about A$700 million in office assets across Australia, a deal that is anticipated to spark a bidding competition among local and overseas players, The Australian reported.

The private-equity giant picked about 10 properties located in Brisbane, Sydney, Canberra and Perth for the transaction, and the assets could be sold as a whole or individually.

The properties come from Blackstone's holdings in Valad Property Group, which it acquired in 2011, as well as some assets it previously picked up from Mirvac Group and GE Real Estate, the publication said in an Oct. 7 report. Other details of the possible sale are yet to be disclosed, it added.

With acquisitions from companies like Scentre Group, Vicinity Centres, Brookfield and LaSalle Investment Management, Blackstone has amassed A$6 billion of property assets in Australia, particularly in the retail, office and industrial sectors, according to The Australian.

As of Oct. 6, US$1 was equivalent to A$1.32.