Developer increases stake in 40-storey 100 Bishopsgate
Brookfield has announced it is buying a bigger stake in the stalled 40-storey 100 Bishopsgate tower development in London.
Great Portland Estates has agreed to sell a 37.5% interest in the scheme to Brookfield鈥檚 property arm Brookfield Properties Corporation for 拢47.2m in cash.
The two developers previously had a 50:50 joint venture in the scheme, which is designed by architects Allies & Morrison and Woods Bagot.
Groundworks on the project have been completed by Brookfield Multiplex, but the project is on hold while the developers seek to secure a pre-let.
Brookfield has agreed to pay a further 拢15.74m on completion and equal payments of 拢15.74m in October 2013 and April 2014.
Toby Courtauld, chief executive of Great Portland Estates, said: 鈥淲e have worked hard with our partners Brookfield to prepare 100 Bishopsgate for a potential start on site once pre-lettings are in place.
鈥淣ow 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鈥檚 development manager, Brookfield.鈥�
Dennis Friedrich, chief executive of Brookfield Office Properties, said: 鈥淲e 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鈥檝e made in the City.
鈥淥ur venture with GPE has been successful and we look forward to our continued partnership as the 100 Bishopsgate development progresses.鈥�
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