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.
