Brookfield Property Partners has bought the redeveloped Moorgate Exchange in the City of London for £211 mln (€267 mln).

Brookfield Property Partners has bought the redeveloped Moorgate Exchange in the City of London for £211 mln (€267 mln).

The site beside Moorgate station was developed by BlackRock Europe Property Fund III and CarVal Investors, in conjunction with Quadrant Estates, after being acquired in June 2011.

The 12-storey tower, designed by HKR, comprises 20,203 m2 of Grade A office space, with floor plates ranging from 750 m2 to 2,230 m2.

Chris McCormack, director of BlackRock, said: 'We acquired the Moorgate Exchange site at a challenging time post-crisis when redevelopment projects were scarce. We sought to capture the value that the lack of development activity and future demand in the Square Mile would present.'

Robert Balick of CarVal Investors, the fund manager for the project, added: 'We are now exiting this ideally located asset at a time of stronger capital markets and fast growing rents. We expect the value of Moorgate Exchange to significantly increase in the coming years.'

Martin Jepson, President and COO of Brookfield's European office division, said: 'The new scheme is an excellent addition to the existing portfolio in London and continues to build upon our strategy to own and operate premier properties in leading financial centres across the globe.'