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Blackstone subsidiary to divest A$150M site in Brisbane, Australia

U.S.-based private equity giant Blackstone Group LP, through its 151 Property Core Plus Management Ltd. subsidiary, is divesting a roughly A$150 million site in Brisbane, Australia, The Australian reported.

The site at 217-235A George St. and 52-58 Queen St. was earmarked for the development of No. 1 Brisbane George Street. The 81-story tower, approved for development by the Brisbane City Council, was designed to be one of the tallest residential buildings in Brisbane, reaching the city's maximum allowable height of 274 meters. It will feature 534 units across 77 levels, a four-story retail podium and a 12-level carpark.

According to the Feb. 8 report, the proposed sale was already confirmed by 151 Property Core's V Plus fund, with JLL and Colliers International on-board to market the property.