| HONG KONG
HONG KONG May 9 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 ($549 million), according to t he 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$215 million ($173 million)
deal to make its first acquisition in Singapore, buying the
StarHub Green project from Germany's SEB Asset Management
It has raised more than $10 billion 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.