Clifford Chance on GIC's $2.8 Billion Broadgate Buy
Clifford Chance and Allen & Gledhill have advised Singaporean sovereign wealth fund GIC Pte Ltd on its $2.8 billion acquisition Blackstone’s 50 percent interest in the Broadgate development in the City of London.
The terms of the agreement were not disclosed, but the Financial Times reported that the New York-based private equity firm sold its stake for $2.8 billion. Developer British Land Company plc will continue to hold the remaining 50 percent stake in the 4.7 million square foot complex.
Broadgate comprises 17 office buildings as well as retail and leisure spaces, according to a GIC press release. Notable tenants include UBS AG, The Royal Bank of Scotland plc, Deutsche Bank AG and The European Bank for Reconstruction and Development.
Clifford Chance London partners Mark Poulton, Matthew Layton and Jonathan Solomon advised GIC. Allen & Gledhill partners Richard Young, Tang Siau Yan and Andrew Chan acted as Singapore counselt to GIC.
Simpson Thacher & Bartlett London partner Michael Wolfson advised Blackstone. Berwin Leighton Paisner London partner Bonnie Mahler also acted for Blackstone on real estate law.
King & Wood Mallesons SJ Berwin and Simmons & Simmons advised British Land.*
Updated, 1/12/14: The original version of this story was updated to note the roles of Clifford Chance, Berwin Leighton Paisner, King & Wood Mallesons SJ Berwin and Simmons & Simmons.