Abu Dhabi-backed Carlyle sells London office for $514m

US private equity giant sold the 382,000 square foot property at Alban Gate in London’s financial district to rival Blackstone Group

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).

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).

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.

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