SYDNEY – Global investment group Blackstone Real Estate Partners VI (Blackstone), through its portfolio company Valad, has entered into a binding agreement to sell Gold Fields House, a prime office building located at Circular Quay in Sydney’s central business district, to Chinese property giant Dalian Wanda Group for approximately A$415 million (around $327 million).
Valad was acquired by Blackstone in a public to private transaction in 2011 and was Blackstone’s first major real estate investment in Australia.
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Gold Fields House was among the assets acquired as part of the Valad portfolio and has been successfully repositioned.
“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, in a statement Monday.
“Blackstone has built a diverse real estate portfolio in Australia of over…
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