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Blackstone to sell Broadgate stake for USD2.7 billion

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August 19
9:06 PM 2013

Blackstone Group LP is the biggest manager of private equity real estate funds. The company had agreed to sell 50% stake in London's Broadgate office complex. The deal was priced GBP1.7 billion according to two sources who had knowledge of the matter.

According to the sources, a sovereign wealth fund had been under contract to purchase the interest. The same sources asked not to be identified as the matter was held private in nature. One of the sources said that Norway's government wealth fund is not the purchaser of the deal although it had been in talks to buy the stake. The same source declined to identify the buyer.

Blackstone agreed not to sell the stake for three years after its acquisition last 2009. The said deal was valued GBP2.1 billion. The spokesperson for Blackstone declined to give comments regarding the property sale. The Financial Times reported earlier today about the planned fundraising.

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