Brookfield Properties Enters into Joint Venture to
Acquire 50% Interest in 100 Bishopsgate in City of
Partnership Signifies Company’s Expansion to Property InterestsOutside of North America
March 31, 2010 11:40 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Brookfield Properties Corporation (NYSE: BPO; TSX: BPO)
announced today that it has entered into a joint venture with Great Portland Estates (GPE) – a United Kingdom-
based REIT – to acquire a 50% ownership interest in the 100 Bishopsgate partnership (“JV”) for $64 million (£43
million). The partnership is a 50:50 joint venture with all income, expenditures and capital costs to be shared equally.
The JV holds all of GPE’s Bishopsgate holdings in the City of London, forming the two-acre Bishopsgate
development site (“the Site”). The Site, ideally located in the heart of the City, close to the Liverpool Street Station,
currently houses 252,000 rentable square feet of existing buildings yielding approximately $11 million (£7.4 million)
of net operating income from in-place leases.
Planning consent was achieved by GPE in May 2008 for a total of 820,000 square feet of office, ancillary retail,
public library and new Livery Hall space in two buildings, including a forty-story office tower. It is anticipated that
the JV will submit a revised planning application in 2010 which may include revisions to the consented scheme,
positioning 100 Bishopsgate for development thereafter.
“With its prominent address and proximity to Liverpool Street Station, GPE has assembled one of the most dynamic
sites in the heart of the City of London,” said Ric Clark, chief executive officer of Brookfield Properties. “Combining
GPE’s local expertise and reputation with Brookfield’s construction and development skills and global tenant
relationships, makes this an exciting and compelling opportunity for Brookfield Properties.”
“We are delighted to be working together with Brookfield on what promises to be a building of the highest quali