Blackstone exploring acquisition of €960m London towers

Blackstone Group is in discussions to purchase the Southbank Place development in London from Almacantar, reported media outlets. 

The sales price is £875 million (€964 million/$1.1 billion). 

The development is fully leased to oil and gas company Shell and flexible workspace provider WeWork Cos. One and Two Southbank Place has combined office space of 572,327 square feet. Retail occupiers of the ground-floor retail units include Marks & Spencer, Gail’s Bakery and prime estate agent Knight Frank.

Almacantar acquired the two buildings from joint developers Qatari Diar and Canary Wharf Group, for £550 million (€606 million/$667 million) in 2015. 

Blackstone is also in talks