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Blackstone in talks to sell London's Devonshire Square

30 October 17 - RE+D Magazine
Blackstone in talks to sell London's Devonshire Square

COMPANIES

IBI Group

Consultant - GREECE

Solum Property Solutions

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

Savills

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
US co-working group WeWork is in talks to buy Blackstone’s sprawling 13-property Devonshire Square estate in the City of London for around £600million.

 

According to Costar.co.uk, the deal would see the estate sell for around £50million more than it was being marketed for last year before it was withdrawn in favour of a refinancing of the underlining debt.

The New York-based company, which was valued earlier this year at around $16billion, has appointed Eastdil Secured to source acquisition finance to buy the 626,135 sq ft estate.

WeWork is likely to occupy part of the vacant space at Devonshire Square. The purchase of Devonshire will be WeWork’s third property investment in the City of London this year.

Over the last few years, We Work has amassed an 18-strong portfolio of co-working offices dotted around the capital, home to more than 16,000 members.

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