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Report: Blackstone nears sale of A$350M Australian industrial properties

Blackstone Group Inc. is finalizing with an unnamed overseas investor a sale of four industrial properties across Australia worth approximately A$350 million combined, The Australian reported.

The properties on offer, which are occupied by cold storage operator Emergent Cold, has also piqued interest from local investors. They are expected to be sold at a 5% capitalization rate, or potential rate of return, according to the publication.

The marketed portfolio includes the properties at 1181 Lytton Rd. and 1248 Lytton Rd. in Queensland, as well as facilities respectively located in the Jandakot and Welshpool suburbs of Perth in Western Australia. The Queensland properties span 21,000 square meters and 17,000 square meters, respectively, while the Perth properties measure 18,222 square meters and 9,047 square meters each.

CBRE Group Inc. is overseeing the off-market deal. The agent and other parties involved in the discussions declined to comment about the potential transaction, the Oct. 17 report added.