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British Land sells Broadgate stake to Blackstone

Reuters – British Land has sold a 50 percent stake in City of London office complex Broadgate to Blackstone in a deal crafted to thrust the UK real estate firm to the front of the chase for UK property bargains.

The private equity giant has paid just 77 million pounds ($127.5 million) for the half stake in Broadgate, one of London’s biggest office landmarks.

It will also take on half its 1.97 billion pounds debt pile, freeing up British Land to mount a much speculated buying spree as a two-year property slump nears an end.

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