Property investment company British Land is in talks to sell part of Broadgate Estate, a major office and retail property in London. The possible buyer is the Blackstone private equity group, who are rumoured to have made a £150 million offer for a 50 percent stake in the estate.
British Land have recently been struggling to offset write-downs in the value of their portfolio and reduce debts of £5 billion, through a rights issue and asset sales.
In common with other commercial property in the UK, the value of their portfolio has dropped by around 40 percent in the last two years. The REIT’s CEO, Chris Grigg, confirmed, ‘All British Land assets are for sale at the the right price. Broadgate is no exception.’
The Broadgate estate includes almost 5 million square feet of office space, spread across 16 buildings and 32 acres.