Blackstone is set to put its sprawling Devonshire Square estate up for sale for £550m.
A sale at the asking price would realise a 66% return on Blackstone’s initial investment.
The US private equity firm bought the estate, near Liverpool Street Station, EC2, from Rockpoint and ADIA in 2012 for £330m.
The purchase followed the decision by major tenant AON to leave for the Cheesegrater, EC3, in 2011.
Since then Blackstone has sought to improve the retail and leisure provision across the 13-building estate and refocus the office element towards the serviced-offices sector.
It has also received planning permission for a 50,000 sq ft private members’ club.
Eastdil Secured and CBRE have been appointed to handle the sale.
