Brookfield Property Partners has instructed agents to advise on a potential sale of a 50% stake in 100 Bishopsgate, EC2, for £700m – a net initial yield of 4%.
Eastdil Secured and GM Real Estate have been appointed to advise on a sale of the share in the 962,000 sq ft tower, which is due to complete in 2018.
The majority of the building is already let. Freshfields Bruckhaus Deringer has agreed a deal to take 255,000 sq ft on a 20-year lease. Royal Bank of Canada has agreed to take 250,000 sq ft and Jefferies has signed a deal to occupy 120,000 sq ft. It is expected that Brookfield will begin testing the investment market this year before formally launching the sale in 2018 after the building is fully let.
The sale will be the first major transaction to take place under Neil Thompson, who took over from Martin Jepson as chief executive of Brookfield’s office business in London in June.
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