Blackstone buys stake in Grosvenor Place for $649m
Dexus has settled on the sale of a 50 percent interest in Grosvenor Place, Sydney. The 50 percent interest is 25 percent owned by Dexus and 25 percent owned by the Dexus Office Partnership, in which Dexus holds a 50 percent interest. The release does not disclose the buyer; however, it has been reported Blackstone is the new owner, according to media outlets.
The asset was sold for A$925 million ($649 million) for the 50 percent interest, or A$694 million ($487 million) for Dexus.
The net sale proceeds will initially be used to repay debt.
Grosvenor Place is a commercial office tower in George Street, Sydney, which was designed by renowned architect Harry Seidler. The building totals 970,000 square feet, spanning up 44 floors.