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A$200M sale of Blackstone's office building puts Centuria up against Primewest

Specialist investment manager Centuria Capital Group and Western Australian funds manager Primewest are vying for Blackstone Group LP's office building at 80 Grenfell St. in Adelaide, Australia, which is up for grabs for close to A$200 million, The Australian reported.

According to the March 15 report, Primewest could be looking to buy the asset for Korean funds, while Centuria Capital might include the building in the portfolio of an unlisted arm. The paper noted that previously, Singaporean investor ARA Asset Management also showed interest in buying the property.

The Adelaide building provides 23,472 square meters of office space and features 2,180-square-meter floor plates. It was acquired by the private equity giant in late 2015 as part of a A$400 million deal, and according to The Australian, the asset could change hands on a yield within the 5.5% to 6% range.

Blackstone first flagged the sale of 80 Grenfell St. in August 2017, along with the planned divestments of two other properties in Sydney and Brisbane. Blackstone was looking to reap at least A$500 million in total from the sale of the three assets.