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Blackstone to Sell Broadgate Interest for $2.7 Billion

Blackstone Group LP, the biggest manager of private-equity real estate funds, agreed to sell its 50 percent stake in London’s Broadgate complex for more than 1.7 billion pounds ($2.7 billion) in one of Europe’s largest office deals, said two people with knowledge of the transaction.

A sovereign-wealth fund is under contract to make the acquisition, said the people, who asked not to be identified because the deal is private. Norway’s wealth fund, which had been in talks for the stake, isn’t the buyer, one of the people said, declining to name the purchaser. New York-based Blackstone agreed not to sell the stake for three years after buying it from British Land Co. in a 2009 deal that valued the complex at 2.1 billion pounds, and investing in improvements.