GIC, Singapore's sovereign wealth fund, has signed a joint venture partnership with British Land. The said deal is for the expansion of the Broadgate development in London, according to The Construction Index.
Under the terms of the said deal, GIC is taking a 50% interest in Broadgate. The owners of the development are Blackstone Real Estate Partners Europe III and Blackstone Real Estate Partners VI, the report detailed.
The Broadgate development is expected to benefit from the 2018 opening of the new Crossrail station. In addition, the improvements in the areas around it are expected to boost the project's success. The current development will add an office space that spans 710,000 square feet, the report said.
The joint venture between British Land and GIC will focus on Broadgate's expansion into the creative district around Shoreditch up to the tech-focused area around Old Street, the report said.
The deal's asset management will be provided by British Land. Broadgate Estates, British Land's wholly-owned subsidiary, will continue providing daily property management and occupier services, The Construction Index reported.
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