Home / Business and Economy / Brookfield in Talks to Sell CityPoint for Debt Value
Brookfield in Talks to Sell CityPoint for Debt Value
4 Feb
Summary
- Brookfield negotiates sale of London's CityPoint tower.
- Castleforge is the potential buyer for approximately £455 million.
- Sale price is close to the building's outstanding debt.
Brookfield Corporation is currently in exclusive negotiations to sell its CityPoint office tower in London. Private equity firm Castleforge is reportedly in talks to acquire the 36-story building for approximately £455 million.
This proposed sale price is nearly in line with the total debt secured against the property. Brookfield originally purchased CityPoint for around £561 million back in 2016. The firm had sought to divest the property in 2024 ahead of a loan maturity, but bids fell short due to higher interest rates and investor concerns about older office spaces.
Despite challenges, Brookfield has secured an extension on the property's debt, accompanied by new conditions including a higher interest rate. Recent efforts to fill vacant spaces, coupled with rising rents for new developments, have improved the outlook for older central London buildings.
