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GIC acquires Blackstone's Broadgate stake in London

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August 21
6:13 PM 2013

GIC Pte is set to acquire London's Broadgate complex which is owned by Blackstone Group Lp, according to sources declined to quoted on the matter. 

GIC, Singapore's sovereign wealth fund, will purchase 50% of the Broadgate property, which consists of 12 hectares in the main financial district of London, according to the same sources. According to Bloomberg's report a few days ago, Blackstone had agreed to sell the said assets for GBP 1.7 billion.

A spokeswoman for GIC, Mah Lay Choon declined to make a statement on the deal. Blackstone's spokesman in London also refused to make a comment on the matter. However, a report on PropertyWeek.com identified GIC as the buyer earlier today. GIC's other purchases for this year includes an office tower in San Francisco's financial district, the Grand Wailea in Maui, and four resorts. 

According to the annual report of GIC, 10% of its assets were in global real estate in the fiscal year of 2012. The said sovereign fund had investments amounting to more than USD 100 billion of Singapore's funds.

The Broadgate stake was bought by Blackgate in 2009 from British Land Co for GBP 2.1 billion.The other half of the said assets is still under the ownership of British Land Co. Spokesman for British Land Gordon Simpson declined to make a statement on the deal.

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