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Blackstone To Pay $400M For Luxury Adelaide Precinct

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The Australian Financial Review has reported that Blackstone has agreed to purchase Adelaide's Rundle Place in a deal reportedly worth $400 million.

The sale would be the city's largest direct property transaction.

Rundle Place is a high-end fashion and food precinct within Adelaide's Rundle Mall. The development also includes the adjoining 11-storey office tower, 80 Grenfell Street which comprises around 30,000 square metres of commercial space.

The 22,000 square metre precinct features more than 85 shops between Grenfell Street and Rundle Mall. It was developed by Pacific Group.

According to the AFR, the deal was brokered by JLL's Head of Retail Investments, Simon Rooney, and Head of Office Investments Rob Sewell.

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Article originally posted at: https://theurbandeveloper.com/articles/blackstone-pay-record-400m-adelaide-precinct