Home Commercial Property Singapore wealth fund in talks to become City’s new landlord

Singapore wealth fund in talks to become City’s new landlord

by Deleted Subscriber Content
22nd Aug 13 8:59 am

The Square Mile’s famous Broadgate Estate looks like it may be changing hands, with the Singapore sovereign wealth fund reportedly closing in on an £1.7bn sale.

The 15-building estate right in the heart of the City is home to thousands of financial workers and several big names, including UBS.

The site has been co-run by US private equity giant Blackstone and US property firm British Land since 2009. Blackstone is now looking to sell its share to the Singapore Investment Corporation Private Limited (GIC), Property Week reported yesterday.

The deal is said to be worth £1.7bn, several times more than from Blackstone originally paid. In recent years Singapore’s sovereign wealth fund has been increasing its presence in the London poperty market, snapping up a range of commercial and residential sites.

All of the concerned parties have declines to comment on the news.

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