Blackstone sells Chiswick Park building to Stanhope | Online

The US non-public equity huge set the 334,000 sq ft property, known as Building 7, up for sale via JLL and Knight Frank last calendar year for all over £300m.

Blackstone, which acquired Chiswick Park from The Chiswick Park Device Believe in in a £480m offer in 2011, experienced already sold most of the buildings at Chiswick Park to China Investment decision Corporation (CIC) for £780m in 2014.

The business park was developed by Stanhope, on behalf of The Chiswick Park Device Believe in.

Stanhope is acquiring it back again with backing from non-public clients as section of a drive to develop up its asset management system.

David Camp, main executive of Stanhope, stated: “Stanhope has completed the purchase of Building 7, Chiswick Park from cash managed by Blackstone. The purchase price was all over £310m.”

It is understood that CIC experienced a pre-emption appropriate to invest in Building 7 but that it chose not to use it.

The developing has lately found a string of lettings, which include just one to French spirits huge Pernod Ricard, as tipped by Assets Week. In September 2018, the beverage conglomerate signed for 84,000 sq ft of space at the developing, a lot more than doubling the dimensions of its British isles HQ. It is now 95% enable.

The only other property at Chiswick Park that is not owned by CIC is Building 8, which is owned by Aberdeen Typical.