The deal sees New York-listed Brookfield buying 75% of UK REIT Hammerson’s London offices. It is funding the acquisition through its existing cash resources, the assumption of £66 million of debt and with additional property level debt expected to be put in place prior to close.
The main assets being bought are: 99 Bishopsgate, EC2; a 50% stake in 125 Old Broad Street EC2; Leadenhall Court, EC3 and the development site Principal Place, EC2, which has consent for a 57,000sqm office building and a 23,000sqm residential tower. Additional smaller assets included in the acquisition are 1 Puddle Dock and buildings on Shoreditch High Street adjoining Principal Place.
"This is a major acquisition for Brookfield which will transform its presence in the London market. We have been able to help it achieve its objective in a very challenging timescale. It required a huge team effort across a number of disciplines, reflecting the complexity of the assets." said John Fordham, managing partner of the Real Estate practice at Freshfields Bruckhaus Deringer.
The Freshfields team was led by John Fordham and real estate partner Emma Kendall supported by, among others, senior associate, Quynh Nguyen and associate, Charlie Williamson (Real Estate); partner, Ian Poynton and senior associate, Samuel Newhouse (Corporate); and partner Colin Hargreaves and associate Alan Rafferty (Tax).
ENDS
About Brookfield Office Properties
Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada and Australia. Its portfolio is comprised of interests in 110 properties totaling 78 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Denver, Toronto, Calgary, Ottawa, Sydney, Melbourne and Perth, making it the global leader in the ownership and management of office assets. Landmark properties include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney and Brookfield Place in Perth. The company’s common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldofficeproperties.com
