Private-equity firm Blackstone Group agreed to sell Gold Fields House, a property in Sydney's business district, to China's Dalian Wanda Group for approximately $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 statement, Blackstone Real Estate said Wanda Group, which this month moved to buy a 20 percent 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.