Brookfield looks to sell Citypoint tower

Canadian asset manager, Brookfield, has put London’s Citypoint tower up for sale with a price tag thought to be around £500m.  This represents the biggest test yet of the UK capital’s office market after a two-year downturn and comes as Brookfield faces a deadline on about £460mn of debt secured on the 36-storey building.

The tower is by far the largest office building to be brought to the market in London this year as the commercial property market starts to recover from a two-year downturn with only a handful of office buildings across London having sold for more than £1m this year

Brookfield is of the world’s largest owners of offices and has suffered from some significant hits from the downturn in this market as investors have grown concerned about the impact of, post pandemic, hybrid working. Brookfield has allegedly opted to default on some huge assets in the US, rather than inject fresh capital.

Brookfield is co-owner of Canary Wharf Group with the Qatar Investment Authority. The two investors put in £300mn of fresh equity into CWG last year, as previously reported.

Real estate investment bank Eastdil and Newmark BH2 are advising Brookfield on the Citypoint sale.