GIC to acquire Blackstone stake in UK office complex - report
The Blackstone Group will reportedly sell its stake in London’s Broadgate complex to GIC Private for more than GBP1.7 billion pounds ($2.7 billion) in one of Europe’s largest office deals.
According to Bloomberg, Blackstone will sell the 50% stake it bought from developer British Land in a 2009 deal that valued the entire complex at GBP2.1 billion. The deal was done when the complex's value was falling - it reduced British Land's debt and made acquisitions easier.
Broadgate, in the City of London financial district, includes 16 office buildings on 30 acres along with restaurants, shops and health clubs.
GIC had 10% of its assets in real estate globally as of March 31, unchanged from the previous year, according to its latest annual report. During the past decade, the sovereign wealth fund has reduced its exposure to bonds and cash, while increasing its holdings in equities and alternative asset classes, such as property and private equity.
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