Blackstone has sold the former Stock Exchange Tower in the City of London to a Singaporean investor for £385m, in a deal the buyer said represented a Brexit-linked opportunity to acquire “deep value”.
The US-based private equity group has sold the freehold building at 125 Old Broad Street to Singapore’s City Developments Ltd (CDL), chaired by the billionaire businessman Kwek Leng Beng, according to two people with direct knowledge of the deal.
In a statement seen by the Financial Times, Frank Khoo, chief investment officer at CDL, said: “We have confidence in the long-term fundamentals of London as a global financial hub with a robust office market. The short-term uncertainties surrounding Brexit have presented us opportunities to acquire assets with deep value.”
