Blackstone has bought stakes in an Australian office complex from Brookfield’s Prime Property Fund.

The investment manager has paid AUD675m (€456m) for the interests in the Melbourne asset, a source confirmed.

The deal – Melbourne’s largest this year – takes Blackstone’s acquisitions in Australia to more than AUD1bn in less than a month.

Respective 25% and 50% stakes in the Southern Cross East and South Cross West towers were sold at a yield of around 5%, according to sources.

Brookfield Prime Property Fund is understood to be selling assets to reduce debt.

Brookfield-controlled entities are selling shares in more than AUD2bn of commercial real estate in Australia.

Blackstone is believed to have paid a premium to the asset’s 30 June book value.

The purchase follows last month’s AUD400m acquisition of a shopping mall and office tower in Adelaide.

Blackstone acquired the Rundle Place shopping centre and 80 Grenfell Street office tower, in Adelaide’s central business district in an off-market deal.

The US private equity firm had plans to double its current Australian portfolio, valued at AUD4bn – before the latest Melbourne and Adelaide acquisitions – in the medium term.