Blackstone on final leg of mega mall sell-off

Blackstone is looking to divest a $400 million suburban Melbourne shopping centre, the last asset in a $3 billion portfolio of Australian malls that the US private equity giant accumulated and had once hoped to sell en masse.

With that ambitious plan shelved almost a decade ago, Blackstone instead plotted its way through a staged exit from a portfolio of about 10 regional and sub-regional malls. The last step in that journey is Greensborough Plaza, which sits on a 6.7 hectare site in Melbourne’s north and generates about $365 million in turnover annually.