In a British Land Tie-Up ,GIC Buys 50% of Broadgate From Blackstone
Singapore's sovereign wealth fund GIC Pte bought Blackstone Group LP (BX)'s 50 percent stake in London's Broadgate office complex in the latest overseas acquisition for the Singapore sovereign wealth fund as it seeks stable returns from real estate.
According to a statement by GIC and Blackstone today, GIC acquired the cluster of 17 office buildings, shops and restaurants, which extends to 4.7 million square feet in the City of London's financial district. As per reports, New York-based Blackstone agreed to sell the stake for more than 1.7 billion pounds ($2.8 billion) Broadgate is a fully-managed estate based around London Liverpool Street train station. The estate now includes 16 separate buildings.
Tim Roberts, head of offices at British Land said, "We see a significant opportunity to move Broadgate from a more traditional City-oriented office estate into a vibrant mixed-used campus serving not just the City but also the emerging districts to the north and east of the City."
Christopher Morrish, European head of GIC Real Estate, said in the statement, "The estate will give us an attractive combination of stable long-term income with the potential to create additional value through active management, repositioning of the office buildings and by enhancing the retail and leisure offer."
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