Great Portland Estate has entered into a joint venture with Brookfield Properties to create a commercial property that will comprise more than 770,000 square feet of grade A London office space, as well as retail areas and a public library.
The UK property developer is teaming up with the Canadian commercial real-estate firm and has sold a 50 percent stake in the project for £43 million, which they will now finish together. The two companies will share revenue from the 40-storey development upon its completion.
Great Portland received planning permission for the two-acre site for 100 Bishopsgate in 2008. Current buildings at 100 Bishopsgate have around a third of the rentable space. The rental income for the existing property is currently estimated at £7.4 million per year. Work on the development is expected to begin in 2011 or 2012, depending on the approval of certain partners.
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