This article is from the Australian Property Journal archive
NEW York Stock Exchange-listed private equity firm Blackstone has bought the Greensborough Plaza in Melbourne for $360 million from Lend Lease's Australian Prime Property Fund Retail.
Blackstone has been conducting due diligence over Greensborough Plaza since earlier this year after it decided to abandon its bid for GPT’s half share in the Erina Fair shopping centre on the New South Wales Central Coast, which was acquired by South Korea’s National Pension Service in May.
The sale price of Greensborough Plaza is below the asking price of $400 million.
However the opportunistic private equity firm is renowned for buying assets for a bargain.
Last year Blackstone bought Sydney’s Top Ryde shopping centre for just $340 million — well below the $720 million it cost to build.
Located north-east of the Melbourne CBD, Greensborough Plaza comprises 70,804 sqm of space and is anchored by Coles, Aldi, Hoyts, Kmart, Target, Harvey Norman, Rebel Sport & JB Hi-fi as well 190 specialty stores.
Property Review
