LONDON Dec 24 Singapore's sovereign wealth fund
GIC was named as British Land's new partner in London's
Broadgate office and retail complex on Tuesday, buying out U.S.
private equity group Blackstone for around 1.7 billion
pounds ($2.8 billion).
British Land, Britain's second-largest listed developer
after Land Securities, and Blackstone had owned 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 to a sovereign
wealth fund and a source familiar with the situation said on
Tuesday the deal had been agreed at around that price.
British Land said through its new joint venture with GIC, it
expected to broaden the site's appeal from a purely City-focused
financial base to cater for those companies setting up in the
creative and tech sectors which have traditionally been based in
Broadgate is a fully-managed estate based around London
Liverpool Street train station. The estate now includes 16
"We see a significant opportunity to move Broadgate from a
more traditional City-oriented office estate into a vibrant
mixed-used campus serving not just the City but also the
emerging districts to the north and east of the City," said Tim
Roberts, Head of Offices at British Land.