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British Land Reduces Risk with Blackstone Group Partnership

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British Land Reduces Risk with Blackstone Group Partnership - Real Estate Investor - UK - United Kingdom

British Land (BTLCY.PK), the UK property firm, has further de-leveraged its balance sheet in response to the sharp falls in commercial property values over the past 18 months.

 key step in that de-risking process was achieved on Friday on news the firm had agreed to a partnership with Blackstone Group (BX), in which Blackstone is to buy into a £2.13bn joint venture incorporating the substantial Broadgate complex neighboring Liverpool St. Station in the City of London.

Blackstone will acquire 50% of the JV which includes £987m of third party debt (half of the total JV debt of £1,973m secured against Broadgate assets). The total debt has an average maturity of 16 years at an average rate of 5.04%.


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