The deal includes Blackstone’s 50 per cent interest in 5 Broadgate (5BG), a new office building which is due to be completed in 2015. GIC noted that the estate is located adjacent to the transport hub of Liverpool Street station and will have direct access to a Crossrail station.
The other 50 per cent is owned by UK property management group British Land.
Head of real estate for Blackstone in Europe Ken Caplan said, “Since we made our investment in 2009, we have had a number of successes at Broadgate that have further strengthened the estate.
“These include actively letting available space, making significant investment in refurbishing the estate and successfully retaining UBS as the major occupier of 5 Broadgate.
“All of this has reinforced Broadgate’s position as an iconic estate in the City of London. We are delighted to be selling to such long-term and committed investors as GIC and we are sure that Broadgate will continue its success story.”
Earlier this month Blackstone exited its investment in Indian company Emcure Pharmaceuticals to fellow private equity major Bain Capital.
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