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Blackstone sells ISPT 50% stake in A$1.7B Westpac Place in Sydney

Blackstone Group LP closed the sale of its 50% stake in the Westpac Place tower in Sydney with investment fund manager ISPT Pty. Ltd., in a transaction that valued the property at over A$1.7 billion, The Australian reported.

The deal represents an estimated yield of roughly 4.7%.

The sale moved along to close after the office building's co-owner, Mirvac Group, assigned its pre-emptive rights earlier in June for the private equity group's half stake to ISPT at a base amount of A$721.9 million, or A$850 million after taking into account the value of planned investment costs to be injected into development of the tower and its retail plaza, The Australian said, citing analysts.

Previously, Blackstone had lined up a deal to dispose of its half stake to Charter Hall Group for upward of A$850 million, a plan that was thwarted by Mirvac's exercise of its co-owner rights.

The 77,503-square-meter prime office asset at 275 Kent St. in the city's central business district serves as Westpac Banking Corp.'s headquarters.