Blackstone Group LP is divesting the Top Ryde City shopping center in Sydney's northwest, in a deal likely to fetch approximately A$700 million, reflecting a yield of 5%, The Australian Financial Review reported.
The private equity group bought the asset in its first-ever retail property purchase in Australia five years ago for A$341 million. Since the acquisition, Blackstone has invested approximately A$90 million in the shopping asset, increasing its total area to 76,958 square meters, according to the May 21 report.
The retail complex will be sold solely through JLL head of retail investments for Australasia, Simon Rooney, the publication added.
Top Ryde City is part of Blackstone's more than A$3 billion regional and subregional portfolio, which the group was looking to sell in April 2017 before shelving its plans in September 2017. It is also the biggest retail asset so far in 2018 to be disposed of.
