Blackstone Group Buys London Business Park for $787 Million

Blackstone Group LP (BX), the world’s largest private-equity firm, agreed to buy a west London business park from Schroders Plc (SDR) for 480 million pounds ($787 million).

The Chiswick Park site has planning consent for more than 1.8 million square feet (167,000 square meters) of offices, retail space and health clubs, according to a statement posted yesterday on London-based Savills Plc (SVS)’s website. So far, 1.25 million square feet of accommodation has been developed and an additional 550,000 square feet is scheduled for construction.

Chiswick Park lettings represented more than one third of the office deals in the western part of the area lying within the M25 ring road around greater London, said Jeremy Bates, national head of office agency for Savills. Los Angeles-based CB Richard Ellis Group Inc. (CBG) and Savills acted as joint brokers on the sale.

The complex, which houses the headquarters of Tullow Oil Plc (TLW), was put on the market in November after the unit trust that holds the property expired in December 2009.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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