Blackstone Group buys Lend Lease's Melbourne Mall for US$332 million

By IVCPOST Staff Reporter

Jul 02, 2013 07:42 AM EDT

On Tuesday, Blackstone Group LP came to an agreement with Lend Lease Group. The world's largest manager of alternative assets would buy Lend Lease Group's mall in Melbourne. After the announcement of the said deal, Lend Lease shares boosted the greatest in about two-and-a-half years.

According to a source acquainted with the negotiations, Blackstone would pay A$360 million or US$332 million for Greensborough Plaza.

Sydney-based Lend Lease's spokesperson, Vivienne Bower, verified the sale. She confirmed the deal through the developer's private Australian Prime Property Fund Retail located 23 kilometers northeast of Melbourne's center.

From June 7, Blackstone had US$1.5 billion. The informants said Blackstone continued seeking US$4 billion for its primary Asian property fund. Japan, China, India and Australia were the focus of the said company based in New York.

Due to Asia-Pacific's economic development, private equity investors become attracted. This seemed to be Blackstone's consideration as of the moment.

The company's spokesman Peter Rose, did not answer to phone calls and e-mails that were asking for his comment.

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