Blackstone has sold the last building it owns at Chiswick Park to Stanhope, the original developers of the West London office campus, for £312m.
The US private equity giant put the 334,000 sq ft property, known as Building 7, up for sale through JLL and Knight Frank last year for around £300m.
Blackstone, which acquired Chiswick Park from The Chiswick Park Unit Trust in a £480m deal in 2011, had already sold most of the buildings at Chiswick Park to China Investment Corporation (CIC) for £780m in 2014.
The business park was developed by Stanhope, on behalf of The Chiswick Park Unit Trust.
Stanhope is buying it back with backing from private clients as part of a drive to build up its asset management platform.
David Camp, chief executive of Stanhope, said: “Stanhope has completed the purchase of Building 7, Chiswick Park from funds managed by Blackstone. The purchase price was around £310m.”
It is understood that CIC had a pre-emption right to buy Building 7 but that it chose not to use it.
The building has recently seen a string of lettings, including one to French spirits giant Pernod Ricard, as tipped by Property Week. In September 2018, the beverage conglomerate signed for 84,000 sq ft of space at the building, more than doubling the size of its UK HQ. It is now 95% let.
The only other property at Chiswick Park that is not owned by CIC is Building 8, which is owned by Aberdeen Standard.
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