June 6, 2018 / 7:50 AM / a year ago

UPDATE 1-Australia's Mirvac buys 50 pct stake in Sydney property from Blackstone fund

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June 6 (Reuters) - Mirvac Group, an Australian diversified landlord and property developer, said on Wednesday it will buy a 50 percent stake in a Sydney property from a Blackstone Group LP-managed fund.

The deal comes at a time when the U.S. private equity giant Blackstone has been seeking to deepen its exposure to Australian and New Zealand commercial property.

Mirvac has used its pre-emptive right for the stake.

The impact of the deal, which was for a base consideration of A$721.9 million ($552.47 million), will be assessed as part of the firm's revaluation process for its June 30, 2018 financial accounts, the Australian company said.

Blackstone bid A$3.08 billion for Sydney-focused Investa Office Fund in the last week of May.

The offer came soon after New Zealand's Goodman Property Trust said it would sell an Auckland-based portfolio it held jointly with Singaporean fund GIC to a number of Blackstone funds for NZ$635 million ($447.23 million).

($1 = 1.3067 Australian dollars)

$1 = 1.4198 New Zealand dollars Reporting by Aaron Saldanha in BENGALURU, Editing by Sherry Jacob-Phillips

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