(Adds background details)
June 6 (Reuters) - Mirvac Group (MGR) , 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) in the last week of May.
The offer came soon after New Zealand's Goodman Property Trust (GMT) said it would sell an Auckland-based portfolio it held jointly with Singaporean fund GIC to a number of Blackstone funds for NZ$635 million ($447.23 million).
($1 = 1.3067 Australian dollars) ($1 = 1.4198 New Zealand dollars)
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Last
$2.23 |
Change
-0.025(1.11%) |
Mkt cap ! $8.878B | |||
| Open | High | Low | Value | Volume |
| $2.23 | $2.24 | $2.21 | $1.674M | 753.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 21 | 243918 | $2.22 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.23 | 99388 | 22 |
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| MGR (ASX) Chart |