Brookfied increases stake in stalled Bishopsgate development
Brookfield has taken majority ownership of its stalled 100 Bishopsgate development project in the City of London.
Great Portland Estates has agreed to sell a 37.5% interest in The 100 Bishopsgate Partnership, its 50:50 joint venture with Brookfield Properties Corporation to Brookfield for £47.2m. This will give Brookfield 87.5% of the partnership.
The Partnership owns the leasehold interest in 100 Bishopsgate, a two-acre site fronting Bishopsgate, Camomile Street, St. Mary Axe and St. Helen's Place in the City. Planning
consent was achieved in 2011 for a 40-storey office building.
Construction was put on holding May, pending the signing up of a tenant.
The Worshipful Company of Leathersellers owns the freehold and the Partnership will construct and pay for the Leathersellers' new Livery Hall and office building at 5/7 St Helen's Place, over the next three years.
Brookfield will continue to act as development manager and Brookfield Multiplex will be main contractor.
Great Portland Estates chief executive Toby Courtauld said "We have worked hard with our partners Brookfield to prepare 100 Bishopsgate for a potential start on site once pre-lettings are in place. Now that these preparatory works are complete, the time is right for us to reduce our holding. 100 Bishopsgate promises to be a building of exceptional quality in the capable hands of the Partnership's development manager, Brookfield."
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This article was published on 15/10/2012 (last updated on 15/10/2012).