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Australian fund manager's A$140M bid for Blackstone asset gets BlackRock backing

Global investment management company BlackRock Inc. is supporting Fortius Funds Management Pty. Ltd.'s A$140 million bid to buy a retail center in the Sydney suburb of Artarmon from Blackstone Group LP, The Australian reported.

The fully leased 22,196-square-meter HomeHQ center is home to tenants including Freedom, JB Hi-Fi, The Good Guys, Snooze, Fantastic Furniture and Pillow Talk. It was previously owned by Charter Hall Group until Blackstone acquired it in 2013 for A$72.5 million, the March 1 report noted.

Fortius Funds is in discussions with its investors for the establishment of a new trust that will hold the asset upon acquisition. Aside from acquiring the center, the paper added that the fund manager also has its sights set on refurbishing a 1.6-hectare site in Artarmon that is occupied by a Bunnings store.