Wed, 06 Feb 2013 | COMMERCIAL PROPERTY
Blackstone has put its plans to sell its Chiswick Park offices on hold for at least two years.
The group has said that it is instead refocusing its efforts on a £600 million senior and mezzanine refinancing situation that would allow it to rearrange some of its finances. The global private equity firm is seeking a £400 million senior ticket and a £200 million junior loan against the £800 million asking price of the campus-style office.
It is thought that perceived problems selling the un-built seventh building are largely responsible for the decision to postpone the sale. The project’s current lease maturity profile is also having an effect on Blackstone’s decision to put things back, reports from CoStar suggest.
Blackstone initially bought the commercial property from Chiswick Park Unit Trust in March 2011 for £480 million. At this time, there was still rental space available in at least two of the buildings, but this was quickly rented out to companies including Otis and Swarovski, which helped to push up the value of the establishment.
London’s commercial property market is undergoing a period of change at the moment as demand slowly starts to return following the recession.
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