INDUSTRY NEWS

Brookfield plan to spend £1bn on offices in London and across Europe

Real estate group Brookfield has announced plans to splash out more than £1bn in property as it looks to capitalise on the European market.

As the largest owner of office space in North America, the firm is keen to establish a foothold in Europe, with offices in London, as well as warehouse and retail property in the UK, France, Spain and Germany particularly high targets on its agenda.

Brookfield managing partner, David Brush, said: “A lot of investors who came [to Europe] looking for distressed opportunities have been disappointed by the lack of deals, but we think it is starting to open up now and will improve this year.”

The firm recently acquired Gazeley, a warehouse and industrial property specialist and according to the Financial Times is also in the running for a stake in Broadgate, the 4m sq ft London office and retail complex owned by British Land and the Blackstone Group.

Brookfield owns the World Financial Center in New York and the Bank of America Plaza in Los Angeles amongst other major North American properties.

Currently, the only major deals it has done in Europe have involved the UK capital, it is in the process of building a pair of skyscrapers in the City of London, and also owns more than 20% of Canary Wharf.

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