PAG (Pacific Alliance Group) and The Blackstone Group LP are reportedly looking to acquire the Australian and New Zealand property platform of General Electric Company (GE) which is valued at $1.6 billion. According to people familiar with the negotiations, PAG and Blackstone have expressed an interest in acquiring the portfolio, which includes coveted assets such as the 32-storey Allendale Square, Perth, as well as 60 Carrington Street in Sydney's central business district. GE Real Estate has reportedly entertained tentative discussions on a prospective deal but many in the market are skeptical that either PAG or Blackstone would be able to satisfy GE's high price expectations.

The Australian Financial Review reported that Blackstone and Pacific Alliance Group declined to comment on the speculation while GE also refused to discuss a potential deal.