Reuters
GIC Pte., the Singapore sovereign-wealth fund, is the buyer of Blackstone Group LP (BX)’s stake in London’s Broadgate office complex, according to two people with knowledge of the transaction.
GIC is buying 50 percent of Broadgate, a cluster of 16 office buildings, shops and restaurants on 30 acres (12 hectares) in London’s main financial district, according to the people, who asked not to be named because the deal is private. Bloomberg News reported two days ago that Blackstone agreed to sell the stake for more than 1.7 billion pounds ($2.7 billion).
Mah Lay Choon, a spokeswoman for GIC, declined to comment on the transaction. PropertyWeek.com reported earlier today that the fund was the buyer. Andrew Dowler, a London-based spokesman for Blackstone with RLM Finsbury, declined to comment.
The purchase is the latest trophy acquisition for GIC, formerly known as Government of Singapore Investment Corp. The fund last year invested in 101 California St., an office tower in San Francisco’s financial district, and in March acquired the Grand Wailea in Maui and four other resorts from a group including Paulson & Co. for $1.5 billion.