Corporate real estate firm in joint city venture

Wednesday, March 31, 2010

A Corporate real estate company has sold half of its 'prime' city development

By Ashley Brunskill

A leading corporate real estate company is selling a 50 per cent interest in one of its prime office developments in the city.

Great Portland Estates (GPE), which has a property portfolio in central London of around £1.1 billion, is to sell of its stake in the proposed 100 Bishopsgate building in the heart of the Square Mile.

As a result, Brookfield Properties Corporation (BPO) is to pay £42.97 million upon completion of the two buildings of 770,000 and 46,000 sq ft respectively.

The business space leasing opportunity not only includes hundreds of thousands of square footage for companies needing office space, but also retailers will be part of the development as well as a new public library.

GPE's chief executive Toby Courtland is delighted to be working with BPO on what he sees as a "building of the highest quality in a prime city location".

He added that BPO's "undoubted skills" in building of this kind combined with GPE's local knowledge would prove a "powerful combination".

Source: ask-re The Property People LLP