Blackstone Group is likely to sell its 50 percent equity stake in London’s Broadgate development for up to £600 million in 2012, Reuters reports. If Blackstone gets the desired price, the entire Broadgate portfolio will be valued at about £3.1 billion, inclusive of £1.9 billion debt. Blackstone jointly owns Broadgate with property developer British Land, which originally sold the 50 percent stake to Blackstone for £77 million. The transaction also included £987 million of debt. Oxford Properties and Norway’s sovereign wealth fund are among the potential bidders for the estate, which houses UBS as a tenant.
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