INDUSTRY NEWS

Brookfield Office snaps up London office space and property for £518m

Brookfield Office Properties has announced a wave of building purchases across the London area totalling more than £518 million.

In the firms first major deal on UK shores for two years, it has purchased four major assets totalling more than 884,000 sq ft of London office space and property.

The news comes as only last week the property group confirmed it was interested in investing money in a number of properties in London, as well as across other parts of Europe.

The main major purchase the group has made is the property on 125 Old Broad Street, offering 328,000-sq ft of prime London office space within a 26-storey office tower at the site of the former London Stock Exchange. It will hold a 50% stake in the building, alongside two other venture partners. The firm has also agreed to purchase Leadenhall Court, a major 109,000 sq ft office block.

Another major investment from the firm is the 99 Bishopsgate development, a 339,000-square-foot, 26-storey office building:  The property is located across the road from another development, 100 Bishopgate, already owned by Brookfield and its partner Great Portland Estates.

Not content with its large office building purchases however, the firm has also snapped up a number of smaller properties including 1 Puddle Dock and a number of buildings located on Shoreditch High Street.

As the largest owner of  office space in North America, the firm owns a number of significant properties in the US, including the World Financial Center in New York and the Bank of America Plaza in Los Angeles, as well as many others.

Brookfield president and chief investment officer, Dennis Friedrich, said: “This transaction is a unique opportunity for Brookfield Office Properties to acquire a portfolio of top-quality office assets and a well-located development site in the London market.”

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