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June 20, 2012

Brookfield snaps up £500m worth of London offices

Filed under: News — Tags: , , — Office Space @ 6:00 am

A Canadian developer has snapped up more than £500 million worth of office space in London from Hammerson, with the massive efforts spearheaded by former Hammerson boss, Martin Jepson.

Mr Jepson, who left Hammerson in 2011 to join Brookfield, is working hammer-and-tongs to achieve the Canadian developer’s goal of building up a city office space portfolio that tops £5 billion. Hammerson had been in talks with Brookfield for quite some time in regards to the office space sale of its London offices, with Hammerson restructuring its business to place a higher concentration on retail assets such as its Brent Cross shopping centre.

Brookfield spent a sum of £518 million for around 75 per cent of Hammerson’s properties currently up for sale. Properties to change hands include 125 Old Broad Street and 99 Bishopsgate. The Old Broad Street location has been a thorn in Hammerson’s side, with the developer having to spend resources to repair the building’s glazing problems in the wake of glass panes falling from the building’s windows.

Other properties changing hands include the Principal Place development site as well as Leadenhall Court. The former, which has office space planning permission for 57,000 square feet of offices in addition to a rental tower, had been reluctantly put up for sale by Hammerson after potential tenant CMS Cameron McKenna got cold feet in the early months of 2012.

Hammerson is left with only a few remaining assets within London, though the developer is hoping to parcel them off over the next year and a half.

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