Blackstone-owned 151 Property has shuffled its leadership before a $600 million Australian portfolio sale, with former Charter Hall Group executive Chris Chapple to become the new boss later this month.

The company, formerly Valad Property Group, is the asset management arm of Blackstone's $6 billion Australian portfolio and has about 50 employees. Chief executive Nic Lyons and head of real estate Mark Frinsdorf will step down at the end of the year.