Mirvac Group (MGR.AX), an Australian diversified landlord and property developer, said on Wednesday it will buy a 50 percent stake in a Sydney property from a Blackstone Group LP-managed fund.
The deal comes at a time when the U.S. private equity giant Blackstone (BX.N) has been seeking to deepen its exposure to Australian and New Zealand commercial property.
Mirvac has used its pre-emptive right for the stake.
The impact of the deal, which was for a base consideration of A$721.9 million ($552.47 million), will be assessed as part of the firm’s revaluation process for its June 30, 2018 financial accounts, the Australian company said.
Blackstone bid A$3.08 billion for Sydney-focused Investa Office Fund (IOF.AX) in the last week of May.
The offer came soon after New Zealand’s Goodman Property Trust (GMT.NZ) said it would sell an Auckland-based portfolio it held jointly with Singaporean fund GIC [GIC.UL] to a number of Blackstone funds for NZ$635 million ($447.23 million).