INDUSTRY NEWS

Great Portland Estates sells part of London office development stake

London-based property development firm Great Portland Estates has revealed that it has cut its stake in 100 Bishopsgate.

It announced that it has sold three-quarters of its 50 per cent stake in the London office building. The stake has been sold Canadian office development firm, Brookfield in a deal worth around £63 million. With the deal Brookfield has added to the 50 per cent stake it already has in the 100 Bishopsgate project.

Situated near Liverpool Street station, the building is to provide around 900,000 sq ft of retail, office and restaurant space. Once completed it is expected to dominate the London skyline with the four other skyscrapers located in the area. The building has been designed jointly by Allies & Morrison and Woods Bagot.

Great Portland Estates and Brookfield announced back in May (2012) that construction work on 100 Bishopsgate would be held off until a tenant for the building had been secured.

Having sold its stake, Great Portland Estates’ chief executive, Toby Courtauld, stated that it had worked with Brookfield to ensure that the site was ready, so that construction could begin once a tenant had been signed-up.

However, Mr Courtauld added: “Now that these preparatory works are complete, the time is right for us to reduce our holding.”

CEO of Brookfield, Dennis Friedrich, stated: “We are strong believers in the long-term outlook for London as a flourishing centre of commerce, as indicated by this transaction and other recent investments we’ve made in the city.

“Our venture with GPE (Great Portland Estates) has been successful and we look forward to our continued partnership as the 100 Bishopgate development progresses,” Mr Friedrich concluded.

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