Blackstone sells Sydney property and European Valad

Blackstone Real Estate Partners VI, through its portfolio company Valad, has entered into a binding agreement to sell Gold Fields House located at Circular Quay in Sydney’s central business district, to Dalian Wanda Group for approximately A$415 million ($327 million).

Valad was acquired by The Blackstone Group 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 and planning approvals have been obtained to redevelop the 1960s office building into one of Sydney’s premium residential developments, taking advantage of the site’s prim