Singapore’s CDL buys UK property from U.S. Blackstone for $490.5 mln

Singaporean real estate development company City Developments Limited (CDL) has purchased a property, 125 Old Broad Street, London EC2N, 125 OBS, for 385 million pounds ($490.5 million).

City Developments, advised by U.S. peer Cushman & Wakefield, acquired the property from private equity firm Blackstone Group LP.

The property takes up a rare large freehold island site of 0.70 acres, in the heart of the City of London, directly overpassing the Bank of England and constitutes 329,200 square feet of Grade A office retail and ancillary accommodation arranged over three basement levels, ground floor, mezzanine and 26 upper tower floors.

City Developments Limited said that the acquisition is in line with its strategy to increase its recurring income accordingly over the next 10 years.