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Sources Say GIC is the Buyer of Blackstone's Stake in Broadgate

LONDON-The Singapore Fund has made a number of trophy asset acquisitions in recent months.

By David Phillips | Updated on August 22, 2013

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).

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