British Land look for joint venture in Broadgate offices, London
Broadgate, one of the biggest commercial spaces in London, was first created over 20 years ago by a joint venture between British Land and Rosehaugh Stanhope Developments. Now, British Land is reportedly looking to sell 50% of its ownership of the City of London property.
American private equity group Blackstone are said to be interested in buying the 50% stake, with a figure of ┬ú150m being named. The buyer will part-own half of the 16 office properties in the City, which are located close to Liverpool Street Station.
The sale would reportedly remove ┬ú1bn of debt from the company and help to further improve British Land’s losses.
It could also increase the price of shares in the company and in the commercial property sector, which have reportedly risen sharply over recent months.