Blackstone to buy Westpac HQ

Blackstone Group is nearing a deal to buy half of Mirvac’s Westpac Place in Sydney’s CBD, according to The Australian Financial Review.

The US-based private equity firm is believed to be in due diligence on the property, which is home to Westpac’s Sydney headquarters.

The 50 per cent stake was the subject of intense competition, with Blackstone topping other bidders through an offer of $440 million, the AFR said.

Westpac currently occupies the entire building, though there has been speculation it may downsize when its lease runs out in four years.