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Report: Mirvac may sink Charter Hall, Blackstone's deal for Westpac Place stake

Australia-listed Mirvac Group is negotiating with an unidentified underbidder for the sale of Blackstone Group LP's 50% stake in Westpac Banking Corp.'s headquarters in Sydney, a move which could potentially sink an over A$850 million deal between Charter Hall Group and the private equity giant, The Australian Financial Review's Street Talk blog reported.

Mirvac co-owns the Westpac Place at 275 Kent St. in a 50/50 joint venture with the U.S.-based private equity firm. As co-owner, it is believed the diversified real estate investment trust has the first right to select its future co-investor in the 77,000-square-meter building, the May 23 report noted.

An earlier report noted that Charter Hall was chosen as the preferred buyer for Blackstone's stake in the asset, ahead of other competitors that include GPT Group, the Deutsche Bank-represented National Pension Service of Korea, superannuation fund ISPT and the Hong Kong Monetary Authority.