[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Monday, 20 November 2006, 10:35 GMT
US property firm bought for $36bn
San Francisco
San Francisco is one of EOPT's key markets
Investment giant Blackstone is to buy US real estate firm Equity Office Properties Trust (EOPT) for $36bn (17bn), the biggest ever private deal.

EOPT is the largest US stock-market listed property company - controlling 580 buildings in 16 states as well as in Washington DC.

Specialising in corporate offices, it has annual rental income of $3.4bn.

Blackstone, founded in 1985, currently has $67bn of investments including almost $13bn in real estate.

The previous record private equity deal came in July when Bain Capital, Kohlberg Kravis Roberts and Merrill Lynch spent $33bn on Hospital Corporation of America.

Last week Clear Channel, the largest owner of radio stations in the US, was bought by a private equity consortium for $26bn.

Equity Office Properties Trust was founded by Sam Zell, a real estate tycoon who started by purchasing office property at distressed prices.

Last year he bought the Verizon building in New York for $515m.

The deal will include Blackstone assuming $16bn worth of debt held by EOPT.

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific