Private Equity Ratchets Up Its Bet on London Office Refurbs

Private equity cash has emerged as a rapidly growing force in reshaping the look of London’s offices, more than tripling its footprint over the past three years to 13% of the total, according to fresh data obtained by Bloomberg.

Among firms putting money into refurbishing offices in the UK capital are Blackstone Inc. and Brookfield Asset Management Ltd. Plans include ditching sheer glass facades, introducing green terraces and adding gyms. Money is also going into making sure buildings can withstand heavier rainfall and hotter summers, PE managers and consultants interviewed by Bloomberg said.