INDUSTRY NEWS

Blackstone buys London office space on Devonshire Square estate

Private equity and asset management firm Blackstone has agreed a deal to purchase a five acre estate composed of London office and retail space, according to an article published by the Financial Times.

Having agreed a deal just last week to make its first acquisition in Singapore, Blackstone will buy Devonshire Square for just under £340 million from Abu Dhabi Investment Authority and Rockpoint.

The property has been on the market since the turn of the year (2012) and is rumoured to have attracted widespread interest from many firms specialising in private equity.

Formerly the home of a silk warehouse, Devonshire Square has recently been converted into an estate featuring 12 offices and a retail campus. The site is also located within close proximity to the Broadgate development – a property jointly owned by Blackstone with British Land.

According to the FT, Blackstone has so far declined to comment on the deal; while Rockpoint was also unavailable to comment.

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