A Blackstone Group LP affiliate will buy a share in a central Sydney office building for A$435 million ($404 million), and take options to acquire a further A$391.4 million of properties from Mirvac Group.
Tina Ford, an Australian public servant, said she could hardly believe it when her three-bedroom apartment sold this month for A$1 million ($877,000) at an auction in which all 16 registered bidders were ethnic Chinese.
Mirvac Group, Australia’s third- biggest diversified property trust by market value, said it will spend A$552 million ($526 million) to buy the Harbourside Shopping Centre in Sydney and two office buildings in Melbourne.
Centuria Property Trust, which is seeking A$215.3 million ($197.5 million) for an initial public offering in September, wants to double in size in a year by acquiring offices and warehouses in Australia.
Mirvac Group, Australia’s third- biggest diversified property trust by assets, said full-year profit more than doubled after high occupancies boosted income at its office division and the value of investment properties rose.