You are here: Home | | Broadgate sale falters
Broadgate sale falters
Monday May 11th 2009
MGPA is understood to have abandoned plans to purchase Broadgate in the City according to reports over the weekend..
British Land was looking to sell a 50 per cent stake that would h ave valued the complex at £2.5bn. Broadgate has an estimated £2bn debt, of which MGPA would have assumed half. This meant it would have needed to have written a £250m cheque to purchase the 50% shareholding.According to a report in the Independent On Sunday MGPA wanted to find a partner to share the stake, and is understood to have approached the sovereign wealth fund Abu Dhabi Investment Authority. But, it could not find a partner.
Add a comment
Tagged as: broadgate | property
Should your colleagues be reading the Retail Bulletin? Let them know about us.