Blackstone sells Gold Fields House

Blackstone sells Gold Fields HouseBlackstone Real Estate Partners has entered into a binding agreement to sell Gold Fields House (One Alfred Street), in Sydney’s Circular Quay, to Dalian Wanda Group for approximately $415 million.Gold Fields House was part of the Valad portfolio, acquired by Blackstone Real Estate in 2011 in a public-to-private transaction. The Valad deal represented Blackstone’s first major real estate investment in Australia.The landmark office building became part of Blackstone’s vast real estate portfolio, which includes Hilton Worldwide, Chinese shopping malls (SCP) and prime office real estate in the world’s major cities.Gold Fields House has since been successfully repositioned, with planning approvals obtained to redevelop the 1960s office tower into a premium residential development that takes maximum advantage of the site’s prime location overlooking Sydney Harbour Bridge and the Sydney Opera House.Blackstone has built a diverse real estate portfolio in Australia worth more than $3.5 billion. “We are committed to pursuing acquisitions and disposals that benefit our investors and joint venture partners,” Blackstone’s head of Real Estate Asia Chris Heady said.Dalian Wanda Group is a major Chinese real estate company with interests in commercial, hotel and residential property.”Wanda Group has recognised the iconic location and intends to create a mixed-use development including a 5-star hotel, luxury residential and retail. We look forward to creating a new Sydney landmark,” said a spokesperson for the purchaser.JLL and CBRE acted as advisors on the sale, with the transaction expected to close in March 2015.