Sustainable BusinessMOVES Blackstone makes sustainability push with slew of new hires
Jessica Dinapoli
3 minutes read
The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid
Private equity firm Blackstone Group Inc (BX.N) told Reuters on Tuesday it has made five additions to its environmental, social and governance (ESG) team, as its steps up the implementation of sustainability and diversity initiatives across its businesses.
The hirings come as buyout firms seek to burnish their ESG credentials. While their lucrative leveraged buyouts have won them a loyal investor base, more investors are now asking questions about their impact on jobs and the environment.
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Fed-up AMP Capital clients put $7b office fund in play
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Some of AMP Capitalâs blue chip institutional investors have strong-armed the manager into considering options for its $7 billion flagship Australian office property fund.
As Street Talk revealed on Sunday, AMP Capital has called in Jarden Australiaâs investment bankers to run their rule over the AMP Capital Wholesale Office Fund, after being hit with a wave of concerns by the fundâs underlying investors.
200 George Street, near Circular Quay, is one of the assets in AMP Captial Wholesale Office Fund. Â
Sources said the underlying investors were worried that ongoing destabilisation at AMP Capital â most recently, the decision to sell a stake to Ares Investment Management â had impacted the performance of their fund and it may be time to consider other options. Thereâs also been some inbound interest in the fund from potential acquirers, sources said.
Architecture news & editorial desk
Plans by the Investa Property Group to demolish the landmark MLC Building in North Sydney and build a modern office complex in its place may come to naught, following the recommendation by the Heritage Council of NSW to protect the building.
Considered one of the most important mid-century modernist buildings in Australia, the MLC Building on Miller Street was designed by Bates Smart and McCutcheon in 1954. At the time of its opening in 1957, it was the largest office building in Australia with a gross area of almost 42,000 square metres and a frontage of 100 metres.
Investa had lodged a development application with North Sydney Council in July last year to demolish the block on Miller Street and build a 27-storey A-grade office building designed by Bates Smart on the 6,650-square-metre site to offer over 74,000 square metres of net lettable commercial space. The proposed $560-million development has significant environmental goals including bein