Brookfield Office (BPO) to Acquire London Financial District Portfolio in $829M Deal

June 19, 2012 6:43 AM EDT
Brookfield Office Properties Inc. (NYSE: BPO) has agreed to acquire a portfolio of premier office buildings and a development site in the London financial district from Hammerson plc for $829 million (£518 million). The portfolio consists of four operating assets totaling 884,000 square feet (720,000 square feet at ownership) which is being acquired at an initial yield of 6%. In addition, the acquisition includes a development site with in-place planning consent for an office and residential tower comprising 857,000 square feet.

Brookfield is funding the acquisition through the assumption of $106 million (£66 million) of debt, additional property-level debt expected to be put in place prior to close, and from available cash resources.

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