SYDNEY—Blackstone, through its portfolio company, Valad, has entered into a binding agreement to sell Gold Fields House (One Alfred Street), located at Circular Quay in Sydney's central business district, to Dalian Wanda Group for approximately $329 million (A$415M).

Valad was acquired by Blackstone in a public to private transaction in 2011 and was Blackstone's first, major real estate investment in Australia. Gold Fields House was among the assets acquired as part of the Valad portfolio and has been successfully repositioned for redevelopment. The 1960s office building will be one of Sydney's premium residential developments, taking advantage of the site's prime location overlooking Sydney Harbour Bridge and the Sydney Opera House.

“Gold Fields House is one of the most significant investments acquired in the Valad portfolio and is a great example of Valad's capability to reposition assets to achieve their full potential,” said Chris Heady, Blackstone's head of real estate, Asia. “Blackstone has built a diverse real estate portfolio in Australia of over $2.7 billion (A$3.5B) of assets and we are committed to pursuing acquisitions and disposals that benefit our investors and joint venture partners,” Heady said.