Blackrock International is teaming up with the Irish investment and management company Cornerstone Capital Management to acquire and develop three offices in the City of London. When completed, the properties will provide some 165,000 m[sup]2[/sup] of net lettable space, the company said. Blackrock is investing EUR 25 mln for a 38% stake in the joint venture. The total project is expected to cost about EUR 205 mln.
Blackrock International is teaming up with the Irish investment and management company Cornerstone Capital Management to acquire and develop three offices in the City of London. When completed, the properties will provide some 165,000 m2 of net lettable space, the company said. Blackrock is investing EUR 25 mln for a 38% stake in the joint venture. The total project is expected to cost about EUR 205 mln.
'The London office market is very strong at present, with low vacancy levels and rentals showing significant growth,' commented Blackrock's chairman Carl McCann.
