GIC Partners With British Land for Broadgate
Singapore sovereign wealth fund GIC Private Limited (GIC) and British Land Company Plc announced a strategic partnership for Broadgate, a premier office complex in London, shortly after the Asia based wealth fund acquired a 50% stake in the complex from Blackstone Real Estate Partners Europe III and Blackstone Real Estate Partners VI. The other 50% interest is owned exclusively by British Land.
The Blackstone Group acquired the 50% stake in 2009 from British Land. The need for increased financial flexibility necessitated the sale.
The Sovereign Wealth Fund Institute noted in August 2013 that GIC had its eye on the purchase from Blackstone, but the institutional investor did not make any formal announcements until December.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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