New York-based private equity group Blackstone has acquired Devonshire Square, a 12-building office and retail campus, from rival Rockpoint and the Abu Dhabi Investment Authority (ADIA), according to a news report in the Financial Times.
New York-based private equity group Blackstone has acquired Devonshire Square, a 12-building office and retail campus, from rival Rockpoint and the Abu Dhabi Investment Authority (ADIA), according to a news report in the Financial Times.
The deal price amounts to just under £340 mln (EUR 423 mln), about 17% below the £410 mln paid by Rockpoint and ADIA for the site in late 2006.
Rockpoint and ADIA put the City of London portfolio on the market in late 2011 through CBRE and Eastdil Secured, a subsidiary of Wells Fargo. The asking price was in the high £300 mln range.
The estate is located near Broadgate, the office complex Blackstone owns in a 50-50 joint venture with British Land.
