Brookfield has agreed to buy an M&G office block in Canary Wharf at a knockdown price as working from home begins again.
The Canadian giant is understood to be paying £250m for the UK headquarters of State Street, which equates to an almost 6% yield.
The price is also a hefty discount on a sum agreed for 20 Churchill Place, E14, in March last year, when Brookfield was apparently keen to pay almost £300m for the 14-storey glass-sheathed office. Brookfield then trimmed its offer during the first lockdown, which caused negotiations to break down.
But the lower price does not signal a lack of faith in Canary Wharf from Brookfield. After all, it owns a 50% stake in the Canary Wharf Group.
