MELBOURNE, Australia--Private-equity firm Blackstone Group L.P.
(BX) has agreed to sell Gold Fields House, a property in Sydney's
business district, to China's Dalian Wanda Group Co. for about 415
million Australian dollars (US$327 million).
The 1960s building overlooking Sydney Harbour Bridge and the
Sydney Opera House was bought by Blackstone--along with other
assets--with the purchase of property-portfolio company Valad in
2011. It was Blackstone's first major acquisition in Australia.
In a Monday statement, Blackstone Real Estate said Wanda Group,
which this month moved to buy a 20% stake in Spanish soccer club
Atlético Madrid, plans to develop a five-star hotel, luxury
residential property and retail at the site. The deal is expected
to close in March, Blackstone said.
Blackstone's real estate business was founded in 1991 and has
more than US$80 billion in investor capital under management. Its
portfolio includes hotel, office, retail, industrial and
residential properties around the world, including more than A$3.5
billion of assets in Australia.
Write to Robb M. Stewart at robb.stewart@wsj.com
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