London, July 28, 2014 – Blackstone announces the acquisition of 125 Old Broad Street in London for £320 million from Brookfield Property Partners.
The 330,000 sq ft commercial building is being acquired as part of Blackstone’s Core Plus Strategy. 125 Old Broad Street is positioned in the heart of the City of London. Its major tenants are DTZ, King & Spalding, Gide Loyrette Nouel, Landmark and Renaissance Re.
Brookfield acquired its initial 50% equity share of 125 Old Broad Street as part of the acquisition of office assets from Hammerson plc in June 2012. In October 2013, Brookfield took full ownership of the development after acquiring the remaining 50% stake from GE Real Estate – Kennedy Wilson joint venture.
Ken Caplan, Head of European Real Estate at Blackstone, said: "This is our second investment in London this year within our Core Plus Strategy following our acquisition of Alban Gate. We continue to believe strongly in London across our real estate platform. We want to thank Brookfield for the opportunity to acquire such a high quality asset."
Martin Jepson, President and Chief Operating Officer of Brookfield Property Partners' European Office Division said: "This transaction is a great deal for both Brookfield and Blackstone. 125 Old Broad Street is a top quality asset with long lease tenants and a full and fair price has been agreed. The proceeds of this sale will be reinvested into our significant City development programme now well underway."
About Blackstone Real Estate Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has more than $80 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (Chinese shopping malls), and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures falling outside of other funds’ mandates. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Brookfield Property Partners Brookfield Property Partners (NYSE: BPY; TSX: BPY.UN) is a global commercial property company that owns, operates and invests in best-in-class office, retail, industrial, multifamily and hotel assets. The office division owns, develops and manages premier office properties in the United States, Canada, Australia and the United Kingdom. Its portfolio is comprised of interests in 113 properties totaling 88 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, London, Sydney, Melbourne and Perth, making Brookfield the global leader in the ownership and management of office assets.
Landmark properties include Brookfield Places in Manhattan, Toronto and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary and Darling Park in Sydney. For more information, visit www.brookfieldpropertypartners.com.