US investment group had been in exclusive talks to buy office building for about £300mn
Blackstone has pulled out of a roughly £300mn bid to acquire the ‘Can of Ham’ skyscraper in London, a move that suggests big ticket office sales remain stalled by disagreements over what buildings are worth. The US group, the world’s largest commercial real estate investor, had been in exclusive negotiations to acquire the building with an offer just above £300mn, according to people familiar with the process.
The two investors’ deadlock over price suggest neither buyers nor sellers are ready to compromise far enough to break the dealmaking drought. “There is a gap in price expectations between buyers and sellers . . . suggesting there is further to go before market liquidity returns,” MSCI analyst Tom Leahy wrote in a note. Blackstone and Nuveen declined to comment.
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