British Land and Singapore's sovereign wealth fund GIC have established a real estate investment trust (REIT) for the Broadgate office estate in the City of London.
British Land and Singapore's sovereign wealth fund GIC have established a real estate investment trust (REIT) for the Broadgate office estate in the City of London.
The pair have been 50:50 joint venture partners in the estate since 1 January 2014 when GIC, formerly the Government of Singapore Investment Corporation, paid an estimated £1.7 bn (then €2 bn) for Blackstone's half share.
The establishment of the new REIT does not involve any change to either British Land or GIC's economic interest in Broadgate.
Broadgate is a 12-hectare fully managed estate in the heart of the City of London. Since opening, the estate has been progressively developed and now includes 16 separate buildings covering 437,000 m2.
