Circular Quay site a hot property

By Greg Brown - The Australian

Gold Fields House was bought in 2006 for $274 million, with Valad teaming up with its wholesale Australian V-Plus Fund — which reportedly includes the Abu Dhabi Investment Council, Dutch pension fund APG and the Telstra superannuation fund as investors — owning the remainder so any decision must be agreed among these players, sources said.

Private equity giant Blackstone has called for advice on the future of Gold Fields House that sits right on Sydney’s Circular Quay and could be converted into a $1 billion luxury apartment project.

Although it would now sell for a much higher sum, as part stakeholder and manager of the unlisted fund that owns the building, the Blackstone-owned Valad Property Group has been reluctant to sell the building despite fielding a bevy of aggressive offers over the past two years, industry executives said.

Property executives identified Chinese development giant Dalian Wanda Group as a potential buyer of the site as it is keen to get into Sydney, in addition to purchasing a site for a $1bn complex on the Gold Coast.

Read more here: Business Spectator


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