Blackstone snaps up London's Adelphi asset for EUR 321m

Blackstone has exchanged contracts to buy the Adelphi office building on London's Embankment from Dubai investment fund Istithmar for around £260m (EUR 321 mln).

According to UK magazine Property Week, the US real estate fund management giant is acquiring the 27,120 m² building for a yield of around 7.5%. The vendor is understood to be selling because a £254 mln loan secured against the property has matured.

CBRE is advising the vendor.