Blackstone to sell Australian property for $327M

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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

The 1.25-million-square-foot property, slated to open in December 2020, will include 777 guestrooms and an outdoor pool amphitheater.

Following its purchase of Seiler & Partenaires Holding SA, Aevis Victoria has bought eight Swiss hotels, including the InterContinental in Davos.

The family-friendly Hyatt Ziva Cap Cana and adults-only Hyatt Zilara Cap Cana resorts both have 375 guestrooms each.