Blackstone exits London property in $2.8B deal

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

Blackstone (BX) has agreed to sell its 50% stake in London's Broadgate office and retail complex to Singapore's sovereign wealth fund, GIC, for £1.7B ($2.8B).

Blackstone looks like it will make a tidy profit from the investment: the U.S. private-equity firm bought the holding in the 30-acre site, which is in London's City financial district, from British Land (BRLAF) four years ago in a deal that valued the complex at £2.1B. British Land has continued to hold the other 50%. (PR)