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Singapore's GIC buys stake in London office complex, in deal worth over $3.5b

Published on Dec 24, 2013 3:02 PM
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Singapore investment firm GIC is buying a multibillion dollar stake in a mega-office complex in London's main financial district, adding to its portfolio of prominent properties globally. -- PHOTO: GIC PRIVATE LIMITED

Singapore investment firm GIC is buying a multibillion dollar stake in a mega-office complex in London's main financial district, adding to its portfolio of prominent properties globally.

It is acquiring private equity firm Blackstone's 50 per cent interest in Broadgate, in a deal said to be worth over £1.7 billion (S$3.5 billion).

This transaction is believed to be GIC's largest-ever property foray in Europe, and is also its biggest-known investment this year, based on public announcements. Analysts said it is also one of Europe's biggest-ever office deals.

Broadgate is located near Liverpool Street station and is touted as a "world-class" office complex with a cluster of 17 buildings, shops and restaurants. The development spans 4.7 million sq ft on 12ha of land.

 
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