This article is from the Australian Property Journal archive
DAYS after lobbing an $8 billion bid for Crown Resorts, Blackstone has quietly offloaded a 10-storey Perth office building for just over $18 million, representing an indifferent addition to its mixed bag of results in the city.
The $18.19 million sale of 14-16 Victoria Avenue to Singapore-based Firmus Capital comes five years after the private equity giant paid $16.6 million to GE for the building.
GE had paid more than double that figure in 2007 as the global financial crisis arrived.
Blackstone also bought 8 St Georges Terrace from GE in 2012, and sold it for just $9.25 million in 2018 to Quintessential Equity.
To the positive, Blackstone sold ENI House at 226 Adelaide Terrace two years ago to Primewest for $86 million, just two years after spending $54.6 million on the building.
Blackstone is still mulling over a potential sale or possible float of a circa $3.5 billion portfolio of 45 industrial properties, known as the Milestone Logistics Group.
Blackstone manages about $800 billion of assets globally, and took a 10% stake in Crown Resorts in April last year.
