Brookfield in Talks to Buy 40% Stake in London’s 99 Bishopsgate Tower
Key Facts
Brookfield is in talks to buy China Life’s 40% stake in the 99 Bishopsgate office tower in London, according to a report published by Finimize on November 11, citing the Financial Times. Brookfield is seeking to take over the Chinese insurer’s stake and gain majority ownership of the building, according to CoStar. The talks come amid a plan to redevelop the tower, and the new stake could give Brookfield a greater role in determining the project’s direction. The reports did not establish that a potential sale would mean China Life is exiting London’s property market as a whole. The deal concerns the company’s stake in this specific building.
Brookfield currently owns 20% of the building, while businessman Victor Dhadle owns 40%, according to Finimize. If Brookfield buys China Life’s stake, it would become the property’s largest shareholder, the same report said. That makes the ownership structure a central issue in the talks, as greater control is linked to the prospect of moving ahead with the redevelopment. The available information did not state the value of the proposed deal or a timeline for its completion. It also did not include details of the final terms the parties might agree on.
China Life is considering converting its ownership stake in the project into debt as part of the deal, according to Finimize. Under the proposal, the potential consideration for the company could take the form of a financial claim rather than its continuing as an owner of the stake, if the parties agree. The discussion is also tied to funding for subsequent work: Finimize reported that China Life would not provide additional capital if the redevelopment goes ahead. That leaves financing for the next phase of the project among the issues still open in the negotiations. The available reports did not give the size of the potential debt or details of its terms.
China Life’s investment in the property dates back to an announcement on December 21, 2015, in which the company said it would receive 40% of the project upon completion of that deal. The announcement described 99 Bishopsgate as a prominent office building and estimated its gross floor area at about 32,000 square meters. It said the building had 26 floors at the time. These details indicate the scale of the asset at the center of the current talks, while the present deal focuses on the company’s stake in the tower. The stake alone does not indicate a broader shift by China Life away from London’s property market.
The redevelopment plan comes against the backdrop of the City of London office market. In January 2025, the City of London Corporation said availability in newly built office buildings was 0.5%. The corporation added that prime rents had risen 16% in the twelve months before its statement. It estimated that the project would provide more than 7,500 jobs. The corporation’s planning and transportation committee chair said approval of the project “reflects the confidence of global investors in the local property market and the UK economy.” These indicators provide context for the office market in which the tower’s redevelopment is being considered, but do not by themselves determine the project’s return or cost.
The next step depends on the outcome of talks between Brookfield and China Life and on how the stake is handled in the proposed financial structure. If Brookfield buys the stake, it would become the building’s largest owner, a position linked to the redevelopment plan, according to Finimize. China Life’s decision on converting its ownership into debt, and its position on providing additional capital, will also remain among the project-financing issues to watch. The reports gave no date for completion of the deal and did not confirm that the parties had reached an agreement. Future control of the property and the prospect of carrying out the redevelopment therefore remain subject to the outcome of negotiations.