Developer Brookfield acquires London office buildings for $829 mn
20 June 2012
North American real estate developer Brookfield Office Properties Inc has agreed to buy premier office buildings and a development site in London from British firm Hammerson Plc for C$829 million (£518 million), reinforcing its footprint across the Atlantic.
The properties include 884,000 square feet of office space, a development site for an office and a residential tower comprising 857,000 square feet in London's financial district, the company said in a statement.
Toronto-based Brookfield Office is a commercial real estate corporation that owns, develops and manages premier properties in North America, Australia and the UK, with its assets valued at around $31 billion.
According to Brookfield's president and chief investment officer Dennis Friedrich, ''This transaction is a unique opportunity for Brookfield Office Properties to acquire a portfolio of top-quality office assets and a well-located development site in the London market.''
''The acquisition is in line with the company's strategy of providing front-office accommodations to the world's most prestigious tenants by owning and operating premier properties that are well-located within the most dynamic global markets,'' Friedrich further stated.
The assets Brookfield Office agreed to acquire include 125 Old Broad Street, a class A 328,000-square-foot 26-storey office tower at the site of the former London Stock Exchange that was completely redeveloped in 2008. The company will acquire a 50-per cent interest in this building along with two existing joint venture partners.