Australian property group Mirvac Group, which co-owns the Westpac Place at 275 Kent St. in Sydney through a 50/50 joint venture with a fund managed by private equity giant Blackstone Group LP, exercised its pre-emptive right over the latter's half-stake in the property for a base transaction sum of A$721.9 million.
In late May, the landlord was reported to be in talks with an unidentified underbidder for the sale of Blackstone's stake in the property, which houses Westpac Banking Corp.'s headquarters, in a move that could sink a more than A$850 million deal between Blackstone and Charter Hall Group.
Mirvac plans to assign its rights to an existing capital partner, as a permitted transferee under the unit sale agreement, according to a release.
Blackstone placed its half-stake on the block in January, attracting interest from Charter Hall, GPT Group and the Deutsche Bank-represented National Pension Service of Korea, among others.
