Australia property group Mirvac has exercised its pre-emptive right to buy half of Westpac Place, a Sydney office complex, from Blackstone for AUD721.9m (€469.3m).

The listed firm, which was competing for the asset with Charter Hall group, said it intends to assign its right to an existing partner as permitted transferee under the unit sale agreement.

Mirvac manages assets for the likes of China Investment Corporation, Morgan Stanley Real Estate Investing, and Singapore’s Suntec, leading to suggestions that it could take a club approach to buying the half of Westpac Place it does not currently own.

Mirvac sold a 50% stake in Westpac Place to Blackstone for AUD435m in 2014 and retains a final right to match any bid.

As previously reported, US private equity group Blackstone put its share in the office block up for sale.

Charter Hall, which completed due diligence, was expected to win the bid after offering more than AUD850m for the asset.

With the latest sale, Blackstone has recycled assets worth more than AUD1bn in the past few weeks.