June 6, 2018 / 7:23 AM / 2 months ago

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

June 6 (Reuters) - Australian diversified landlord and property developer Mirvac Group on Wednesday said it has used its pre-emptive right to buy a 50 percent stake in a Sydney property from a fund managed by Blackstone Group LP .

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, Mirvac said in a statement.

$1 = 1.3067 Australian dollars Reporting by Aaron Saldanha in BENGALURU

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