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BlackRock says gets offers for Australian property fund
SYDNEY, June 12 |
SYDNEY, June 12 (Reuters) - BlackRock Inc said on Tuesday it has received several proposals to buy or help restructure its Australian unlisted property trust which has assets of A$468 million ($464.75 million) but is short of funds to meet redemption demands.
BlackRock, the world's largest money manager, has been seeking proposals from interested parties either for the sale of the trust's real estate portfolio or a potential restructuring and capital injection.
"BlackRock...has received a number of proposals from interested parties, which are now being assessed," a company spokesman said in an email.
The 'expression of interest' period closed on May 15, BlackRock said.
The Australian Financial Review reported on Tuesday that U.S. private equity firm Blackstone Group had emerged among the frontrunners to take over the BlackRock Property Trust. Blackstone declined to comment.
The trust, which has invested in office, industrial and retail assets, has underperformed, returning 0.43 percent in the three years to March 2012 compared with the 4.80 percent return of the Mercer/IPD Australian Pooled Property Fund Index.
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