Singapore’s sovereign wealth fund GIC has acquired Blackstone’s entire 50 percent interest in London’s Broadgate office complex for more than £1.7 billion (S$3.5 billion), making this its largest property foray in Europe, media reports said.
In a statement, GIC and British Land, which owns the remaining 50 percent stake in Broadgate, announced they have entered into a joint venture. Under the agreement, British Land will serve as asset manager, while its subsidiary Broadgate Estates will continue to provide day-to-day property management and occupier services.
Touted as a “world-class” office complex, Broadgate comprises a cluster of 17 office buildings, restaurants and shops. It is located in London’s financial district and spans 4.7 million sq ft.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email email@example.com
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