Brookfield has agreed a deal with the City of London to secure Hammerson’s option agreement on the development site at London Wall Place, EC2 just 24 hours after it expired.
The move comes on the back of Brookfield’s £518m acquisitions of the majority of Hammerson’s office portfolio, announced earlier this month.
A City of London Corporation spokesman said: “The City of London Corporation can confirm that it has agreed a transfer of Hammerson’s option agreement on the development site at London Wall Place to Brookfield Office Properties and that Brookfield has now exercised this option. A further announcement will be made when appropriate.”
The option on the £340m development scheme is thought to have cost around £20m.
In a statement released in the aftermath of Brookfield’s deal to buy the Hammerson portfolio, the City of London had said it would market the site through Jones Lang LaSalle.
But as EG revealed, Brookfield immediately entered negotiations with the City, having been unable to secure the site in the three weeks the deal with Hammerson took to put together.
Brookfield UK boss Martin Jepson previously ran Hammerson’s London portfolio and spearheaded the original agreement over London Wall Place.
The site has planning permission for two buildings of 300,000 sq ft and 200,000 sq ft.
GM Real Estate acted for Brookfield.
jack.sidders@estatesgazette.com
