US-based private equity firm Blackstone Group is reportedly in talks to sell its stake in London’s Broadgate office and retail complex (pictured) to Singapore investment company GIC for ₤1.7 billion (S$3.4 billion), stated media reports.
The property is located on a 30-acre site in the city’s financial district, with Swiss bank UBS as one of its tenants. Blackstone bought the stake with ₤77 million (S$154 million) of equity in 2009 from British Land, which maintains a half-share.
Reports noted that the deal is still in the early stages, and parties involved have yet to comment on the issue.
GIC is one of the largest sovereign wealth funds globally, with a 3.95 percent stake in British Land. Among its UK investments are shares in the Bluewater shopping centre in Kent as well as student housing in London.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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