Blackstone Sells Off Gold Fields House

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.