Brookfield to Spend $1.2 Billion on London Offices

Canadian private equity giant Brookfield Asset Management Inc. is set to buy two properties in and around the City of London, the Times reported.

Plantation Place, an 18-story building that houses the offices of Accenture UK Ltd. and Aspen Insurance UK Ltd, is being sold for 635 million pounds ($901 million), and Milton Gate, a glass-fronted office block, for 215 million pounds, according to the Times.

The U.K. government’s work-from-home guidance is still in force, which has kept footfall in central London to only a fraction of pre-pandemic levels. That in turn has depressed investment in London offices by 53% in the first four months of 2021, the Times says citing real-estate agent Savills.

Source: BNN Bloomberg