US private equity giant Blackstone has acquired Times Square in the City of London from UK REIT Land Securities for £268.4 mln (€368.8 mln).
US private equity giant Blackstone has acquired Times Square in the City of London from UK REIT Land Securities for £268.4 mln (€368.8 mln).
The transaction involves Blackstone acquiring a 95% stake in the prime office building and will be completed at end-July. Land Securities is retaining the remaining 5%.
The 35,300 m2 property at 160-162 Queen Victoria Street is fully let to six office tenants, including Bank of New York Mellon and law firm Dechert, until 2023. The property was built in 2003 and refurbished in 2011.
Anthony Myers, head of real estate Europe at Blackstone, said: ‘This is our fourth investment in London as part of Blackstone Property Partners' Core+ strategy, following the most recent acquisition of 125 Old Broad Street. Times Square fits the Core+ strategy extremely well as a high quality, well-leased asset in the centre of a global gateway city.’
Colette O'Shea, managing director of the London portfolio at Land Securities, said: ‘We've recently carried out some lease regearing activity at Times Square, and its sale reflects our strategy of recycling capital into our significant development programme.’
Strutt & Parker acted on behalf of Land Securities and BNP Paribas advised Blackstone.
Top Investors
Blackstone and Land Securities features in 3rd and 15th place respectively in PropertyEU's Top Investors ranking of dealmakers by transaction volume in 2014. Check out the Top Investors App on your computer or smart device
