| Property group British Land Company Plc has entered a joint venture (JV) agreement with GIC, Singapore's sovereign wealth fund, for the development of London's Broadgate office and retail complex.
British Land, the UK’s second-largest real estate investment trust (REIT) after Land Securities, and US private equity group Blackstone had owned equal shares of the 30-acre site. As reported in August (Blackstone Said to Be in Talks to Sell Broadgate Stake to GIC), Blackstone was planning to sell its stake for more than £1.7 billion to GIC and a source told Reuters last week that a deal had been clinched at around that price...............................................Full Article: Source |