China Investment Corporation
China Investment Corporation (CIC)is a sovereign wealth fund responsible for managing part of China's foreign exchange reserves. It was established in 2007 with approximately US$200 billion of assets under management. In June 2013 a CIC official said total assets had grown to US$500 billion in 2012 from US$482 billion in 2011.
China Investment Corp to buy London office park from Blackstone
China Investment Corporation is set to buy Chiswick Park, a west-London office development, from US private equity group Blackstone for about £800 million (HK$9.93 billion), the Financial Times reported, citing people familiar with the matter.
The talks are at an advanced stage, and a deal could be finalised before the end of this month, the newspaper said.
If successful, the deal would be the second acquisition by CIC in the British property market, after it bought Deutsche Bank’s City of London headquarters last year, the paper said.
Real estate has been the chief driver of Blackstone’s financial success, and it has moved aggressively to sell or take public its real estate assets. Brixmor Property, the shopping centre operator owned by Blackstone, raised US$825 million its initial public offering last month.
On its 13.4 hectare site, Chiswick Park leases out office space to companies including Qualcomm, Tullow Oil and Ranbaxy.
Blackstone declined to comment on the matter, and CIC could not be reached outside regular business hours.