Blackstone Group LP, an American-based multinational, have sold two of their Sydney based properties.
Two properties belonging to the Blackstone Group have been sold for a total of $160 million. Blackstone Group LP, an American multinational, private equity and investment banking corporation, which is based in New York City, was founded in 1985 and listed on the New York Stock Exchange in 2007. As of September last year it had over $360 billion under management.
The properties, 2 Richardson Place, North Ryde and 20-24 Rodborough Road, Frenches Forest have been bought by the Investec Australia Property Fund, an investment trust listed on the Johannesburg Stock Exchange, which invests in commercial, industrial and retail property located in Australia.
According to Macquarie Park Cityscope, 2 Richardson Place is an A-grade, four-storey office building with two levels of basement parking, a net lettable area of 15,200 sqm and a 4.5 star NABERS rating. Its major tenants include Ricoh Australia and Honeywell. Bought for $85 million on an initial passing yield of 7%, it will certainly benefit from its close proximity to the soon to be upgraded North Ryde train station. It last traded in a related party deal in 2005 at just over $68 million.
20-24 Rodborough Road consists of 19,900 sqm over two buildings and contains commercial, retail and warehouse space. The property was bought for $75 million on an initial passing yield of 7.5%. Investec can foresee an increased demand for the buildings’ space with the completion of the nearby new Northern Beaches Hospital. The buildings last traded in two parcels in 2007 and 2013 for a total of almost $50 million.