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Update: Blackstone's stake in Westpac Place goes to Australian fund manager

Private equity giant Blackstone Group LP's stake in the Westpac Place office complex in Sydney will go to ISPT Pty Ltd.

Mirvac Group, co-owner of Westpac Banking Corp.'s headquarters, assigned its pre-emptive right June 8 on the acquisition of the 50% interest in the building to a trust wholly owned by the Australian fund.

Susan Lloyd-Hurwitz, CEO and managing director of the diversified real estate investment trust, said the deal will increase the company's co-ownership platform with ISPT to roughly A$2.1 billion in assets under management.

Earlier, sources told IPE Real Assets that ISPT may either set up a special vehicle for the property, similar to the A$600 million 50 Lonsdale Street Property Trust platform formed to develop and manage a single Melbourne prime office building, or house the asset under its flagship ISPT Core Fund, which has a current value of about A$12.7 billion.