Real Estate
Blackstone’s iQ Buys Defaulted London Office for Dorms
- Receivership sale one of few to have closed this year
- Rising gilt yields are stifling London’s nascent recovery
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Blackstone Inc.’s iQ Student Accommodation business has bought a plot of central London land out of receivership after its previous owner defaulted on a loan from the billionaire Reuben Brothers.
The 1.4 acre plot — the former Blackfriars Crown Court in Southwark — changed hands at a significant discount to the value of the outstanding debt, people familiar with the matter said, asking not to be identified as the information is private. A Blackstone representative declined to comment on the price paid.