WeWork is in exclusive talks to buy Blackstone’s Devonshire Square, EC2, for around £600m.
The 620,000 sq ft estate, which comprises 12 buildings, would be the $20bn serviced office company’s third acquisition in the UK. Earlier this year it agreed deals to buy 51 Eastcheap, EC3, for around £48m and 120 Moorgate, EC2, for around £40m.
Blackstone acquired the campus from the Abu Dhabi Investment Authority and Rockpoint in 2012 for £330m and has since carried out an asset management programme including the transformation of the square into a piazza-style courtyard framed by warehouse buildings, bars, restaurants and shops.
WeWork has been aggressively expanding its London offices footprint, which now exceeds 2m sq ft. WeWork will take over the management of the estate when the deal is completed and will occupy the vacant space.
Eastdil Secured has been appointed by WeWork to source finance for the acquisition.
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