Blackstone has snapped up a half stake in Sydney’s Harry Seidler designed Grosvenor Place.
The deal – worth $925 million – is with Dexus and its Office Partners fund, which controlled 37.5 per cent, and the Canada Plan Investment Board (CPP), which held 12.5pc.
The interest was reported to have sold 13 months ago, again for $925m, to Chinese sovereign wealth fund CIC – which owns a quarter of the asset, acquired when it took over the Investa office portfolio in 2015.
Arcadia retains the balance of the 44 storey, 84,000 square metre Prime grade tower at 225 George Street, near Circular Quay.
In May we reported Ord Minnett leased a 3500 sqm portion – a deal which marked a return to the building after 16 years.
After obtaining Foreign Investment Review Board approval to acquire the Dexus/CPP stake earlier this year, CIC pulled back from the deal.
Blackstone then stepped in.
A large chunk of the building is set to become vacant next year when major tenant Deloitte relocates to AMP Capital’s Quay Quarter Tower.
Elsewhere in Sydney, recently, Dexus banked $410m selling 383 Kent St to Charter Hall, which controls neighbouring assets.
Mitsubishi Estate also bought into a $1 billion-plus office earmarked for airspace over the Pitt St metro.
In July, Mirvac and M&G purchased a half share in the distinctive EY Centre from AMP Capital – the $578.5m price reflected a 4.1pc capitalisation rate.
At the start of the year Investa, with Manulife, outlaid $800m for an unbuilt office, 39 Martin Place.
Macquarie Group Limited was that vendor.
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