Abu Dhabi sells London office block to Blackstone for US$549m - report

ADIA sold the 12-building Devonshire Square office and retail complex

ADIA sold the 12-building Devonshire Square office and retail complex to Blackstone for US$549m.

ADIA sold the 12-building Devonshire Square office and retail complex to Blackstone for US$549m.

Private equity company Blackstone Group has expanded its property presence in London, buying the 12-building Devonshire Square office and retail complex from rival Rockpoint and the Abu Dhabi Investment Authority (ADIA), according to a source familiar with the deal.

The deal was signed on Friday for just under 340 million pounds ($549m), according to the Financial Times, about 17 percent below the 410 million pounds paid by Rockpoint and ADIA for the five-acre Devonshire Square site in 2006 during a peak in the London office-property market.

Rockpoint and ADIA redeveloped the Devonshire Square site. The project is near Broadgate, the office complex in the City of London in the heart of the financial district, that Blackstone owns in a 50-50 joint venture with British Land.

Blackstone last week signed a S$215m ($173m) deal to make its first acquisition in Singapore, buying the StarHub Green project from Germany's SEB Asset Management.

It has raised more than $10bn towards Blackstone Real Estate Partners VII, a global property fund. The purchase is a co-investment between that fund and the company's third European fund, the source said.

Blackstone declined to comment, and Rockpoint could not immediately be reached for comment.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Accounting meets religion in challenge for Islamic banks

Accounting meets religion in challenge for Islamic banks

Reconciling accounting standards and religious principles is...

Banking on reforms in Kuwait

Banking on reforms in Kuwait

As Kuwait stares down its first deficit in 20 years, the Gulf...

Saudis face dilemma between size and pricing in debut bond sale

Saudis face dilemma between size and pricing in debut bond sale

Riyadh is under pressure to maximise the size of its international...

Most Discussed
sponsoredTracking