LONDON-Bloomberg says that 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% of Broadgate, a group of 16 office buildings, shops and restaurants on 30 acres (12 hectares) in the City of London financial district, according to Bloomberg's sources, who asked not to be named because the deal is private. Blackstone agreed to sell the stake for more than $2.7 billion (1.7 billion pounds).
The purchase sets a record price for a central London property, and is the latest in a series of high-profile acquisition for GIC. The fund last year invested in an office tower in San Francisco's financial district, and in March acquired the Grand Wailea on the Hawaiian island of Maui and four other resorts from a group including Paulson & Co. for $1.5 billion.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
