Australia’s Mirvac Group to buy 50 percent stake in Sydney property

Mirvac Group, an Australian diversified landlord and property developer, said it will buy a 50 percent stake in a Sydney property from U.S. private equity giant Blackstone Group LP-managed fund.

The deal comes at a time when Blackstone has been seeking to deepen its exposure to Australian and New Zealand commercial property. Mirvac has used its pre-emptive right for the stake.

Mirvac Group said that 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.

Blackstone bid A$3.08 billion for Sydney-focused Investa Office Fund in the last week of May.