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Australian Unity Office said the funds sweetened their bid to A$2.95 per cash unit, 8.5 percent higher than the last offer of A$2.72 cash per unit.
Australia is an attractive market for foreign insurers because the population and economy are growing faster than in most other developed markets, and analysts expect industry revenues could turn a corner after a choppy few years.
It outbid rival suitor APN Outdoor which has itself received a takeover offer from French advertiser JCDecaux.
Blackstone’s move is a bet on the future of commercial property across Australia’s east coast, where analysts expect strong demand to support yields even if interest rates rise from their current historic lows.
Noble Group had said earlier that it would have to begin insolvency proceedings if the debt restructuring was not approved.
Internet company Vocus Group will separate the enterprise and wholesale arm of its Australia business into two operating segments as part of a transformation programme.
The Sydney-based company expects the acquisition to be earnings accretive in the first full year of ownership.