Blackstone set to buy FCA’s London HQ

canary wharf

In a deal thought to be worth £165m, Blackstone, the private equity behemoth, is preparing to buy the headquarters of the Financial Conduct Authority (FCA), it has been reported.  

The FCA, which monitors the city’s financial institutions, announced earlier this year that it will move out of the building when its lease expires in 2018, after nearly two decades at the location. Its 3000 staff will be moved into the International Quarter, a 22-acre, £2 billion development next to the Olympic Park. The decision was welcomed by the area’s developers, the publicly-owned London and Continental Railways (LCR) and Australian company Land Lease, who hope to transform the area in Stratford into a new office district.

The offer placed on 25 North Colonnade in Canary Wharf is thought to be around £15m below the original asking price set by Evans Randall, the current owners, who put the property on the market in March. The deal is likely to come as a relief to the embattled landlord, which failed to repay a loan of £205m in October 2013.

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