British Land have confirmed the sale of a 50% stake in its City of London office complex Broadgate, to private equity group Blackstone for a reported £77million in cash. It has also off loaded half of the £1.9bn debt associated with Broadgate to Blackstone.
The much anticipated deal slashed the British Land debt and has opened the door for a £1bn sales spree over the next year, buying up cut-price property.
Chris Grigg CEO of British Land said:
“We think there will be really good opportunities to buy in the next year or so and this deal increases our firepower and our capability to buy. It has been a very tough time. The occupational market is still tough and rents are still falling but in terms of valuations, we think the market is a lot more attractive than it was three months ago.”
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