Transatlantic marriages of convenience are blossoming in the real estate market. After months of courtship, British Land has off-loaded half of its flagship Broadgate property to private equity house Blackstone. The 16-building office complex, home to UBS, Deutsche Bank and Royal Bank of Scotland, is valued at £2.2bn. But with debts almost equal to book value, Blackstone will only invest £75m from its European distressed real estate fund to attach its name to one of Britain’s most prestigious business addresses.

As a partner, Blackstone brings extensive real estate experience and financial clout. Meanwhile, British Land cuts its net debt to assets by a quarter, to about 30 per cent, and reduces its office market exposure by a third to 21 per cent. The deal may dilute annual earnings by £28m, but this is merely an insurance cost against further market falls.