Brookfield Pays $815M For Hammerson’s London Offices

Law360, New York (June 19, 2012, 1:46 PM EDT) -- Brookfield Office Properties Inc. has agreed to purchase Hammerson PLC's 884,000-square-foot office portfolio in London for £518 million ($815 million), helping Hammerson turn its attention exclusively to retail properties, the parties announced Tuesday.

The transaction is part of Hammerson's strategy to exist the office market and become a retail property specialist, facilitating the disposal of 75 percent of its London office assets and leaving it with a 97 percent retail portfolio that it plans to bulk up with proceeds from the sale.

Brookfield, which owns the...
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