Blackstone seeking to sell London office for £550m

The New York-based private equity real estate giant acquired the Devonshire House office complex from ADIA and the Rockpoint Group for £340 million back in 2012.

The Blackstone Group is looking to sell Devonshire Square, a former warehouse turned 12-building office and retail campus, for around £550 million (€765 million; $863 million), according to multiple media reports.

A Blackstone spokesperson was unable to respond to a request for comment by press time.
The New York-based firm acquired Devonshire Square from the Abu Dhabi Investment Authority (ADIA) and the Rockpoint Group for £340 million back in 2012.

This year, Blackstone also sold out of its position in City of London office complex Broadgate which is located close to Devonshire Square. GIC Private, the Singaporean sovereign wealth fund, acquired Blackstone’s 50 percent stake in Broadgate for a reported value of more than £1.7 billion.

However, Blackstone also is buying properties in London as well. In March, the firm acquired UK property company Land Securities’ 95 percent stake in Times Square for £268.4 million.

The acquisition of Times Square was the firm’s fourth in London as part of the Blackstone’s core-plus strategy, and closely follows its £320 million acquisition of 125 Old Broad Street from Brookfield Property Partners last July.

The firm collected $1.7 billion for its first dedicated core-plus fund for an initial close in mid-November last year, approximately four months after officially launching the fund in July.