Blackstone has put a Sydney shopping mall on the market after plans to sell the asset as part of a portfolio failed.
The asset, known as the Top Ryde Shopping Centre, is expected to be sold for up to AUD700m (€451m).
The US private equity group acquired the mall, its first large retail acquisition in Australia, from receivers in 2012 for AUD341m.
It was the key focus of potential buyers when Blackstone Australia placed its entire retail platform on the market last year with the asking price of more than AUD3.5bn.
However, Blackstone cancelled the sale as a result of lack of interest in the size portfolio.
A large fund manager who assessed the portfolio told IPE Real Assets that Top Ryde would be his pick of the 10 assets on offer.
“Blackstone has done a lot of work with this centre. It has transformed it,” he said.
Blackstone earlier this month settled on the sale of a big format retail centre, also on Sydney’s North Shore, for AUD140m. It was sold to the Sydney-based Fortius Group, backed by BlackRock.
It is also in advanced negotiations to sell two commercial assets, with a combined value of some AUD941m, located in Sydney and Adelaide.
