A few twists and turns and a change in sale structure have already characterised Blackstone's mammoth $3.5 billion shopping centre selloff.
Now Street Talk understands the deal or deals are still being targeted as a third quarter proposition with final bids due in mid-to-late August.
The portfolio is now being offered as a set of sub-tranches rather than one line to make the transaction more palatable for a broader range of bidders, particularly amid souring sentiment in the retail sector this year.
The Blackstone retail portfolio includes Top Ryde City in Sydney, Melbourne's Greensborough Plaza along with Westfield malls bought from Scentre, Warrawong, Strathpine and Figtree. Much of the portfolio is being pitched as a non-discretionary retail because of a larger focus on food and other outlets over the more volatile parts of the sector.
The sale process ran into some speed humps when it entered the second round early in June and advisers had to revise the auction's parameters.
Blackstone, which is a US funds and real estate giant, set the massive retail property divestment in motion earlier this year. The company appointed investment banks UBS and JPMorgan along with commercial agency JLL to broker a sale.
China Investment Corporation was among parties that expressed early interest but it unclear which bidding groups remain at the table.
While Blackstone is preparing to reduce its retail exposure, its appetite for the broader commercial property market in Australia appears undiminished.
In April, it struck a deal with Charter Hall to acquire a $126 million portfolio of industrial assets.
