GIC buys Blackstone's 50% stake in London business asset
Broadgate estate comprises 17 office buildings - 6% of the City's office space
Singapore
GIC added another feather to its cap of prominent international property acquisitions, as it acquired the entire 50 per cent stake in London's Broadgate business district from property giant Blackstone.
In a statement yesterday, GIC and British Land, which holds the other half of Broadgate, said they have entered into a joint venture. British Land will be the asset manager in the partnership, and its subsidiary will carry on day-to-day property management and occupier services.
Broadgate, which is mainly made up of freehold land, is located in the City of London, the capital's financial district. It is a retail and commercial estate of 17 office buildings spanning some 4.7 million square feet and makes up around 6 per cent of the City's off…
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