LONDON Nov 13 British Land said its
would-be partner in London's Broadgate office complex had been
selected by U.S. private equity group Blackstone and
suggested a final decision would be made soon.
British Land and Blackstone own equal shares of the
Broadgate estate, a 30-acre site in London's City financial
district whose tenants include Swiss bank UBS.
Reuters reported in August that Blackstone was planning to
sell its stake for more than 1.7 billion pounds ($2.7 billion)
to a sovereign wealth fund, according to a source familiar with
the deal. British media later said the fund was Singapore's GIC
"The situation, as we understand it, is that Blackstone have
selected a preferred partner and we're very comfortable with
that preferred partner," British Land's Chief Executive Chris
Grigg told Reuters on Wednesday, declining to comment on the
"I don't think this is a process that will go on for a huge
amount of time but time will tell," he said as the company
announced half-year results.
The company, Britain's second-largest listed developer after
Land Securities, said it expects the investments it had
made over the six months to Sept. 30 to boost 2013/14 earnings,
ahead of expectations.
It raised 500 million pounds through a share placement in
March, which British Land said it had now fully invested in
deals such as a 470 million pound office complex in west London.
It said its development portfolio was now 61 percent exposed to
London and south east England.
The company said EPRA net asset value per share - a key
industry measure of performance - rose 4.5 percent to 623 pence
over the six months, from 596 pence in the same period last
At 0842 GMT, shares in British Land were 0.48 percent lower
at 617 pence, valuing the company at 6.25 billion pounds.