US private equity giant sold the 382,000 square foot property at Alban Gate in London’s financial district to rival Blackstone Group
US private equity giant Carlyle Group, in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, has completed the $514m sale of a London office building.
The Washington-based firm sold the 382,000 square foot property at Alban Gate in London’s financial district to rival Blackstone Group for £300m ($514m), Bloomberg reported.
The building is leased to JPMorgan Chase & Co. And is the fourth sold from six buildings Carlyle bought in 2010 for £671m.
“Demand for this type of asset in today’s market, combined with the recently completed asset-management work undertaken by the property’s tenant, provided an excellent opportunity to realise value,” Mark Harris, a managing director at Carlyle Group, was quoted as saying.
Carlyle Group was founded in 1987 and currently has assets totalling around $31.5bn. Abu Dhabi wealth fund Mubadala bought its 7.5 percent stake the company in 2007.