Great Portland Estates (GPE), the London property investment and development group, has sold a share of The 100 Bishopsgate Partnership to its joint venture partner, Brookfield Properties Corporation (BPO).

BPO has bought a 37.5% interest from Great Portland in the 50:50 joint venture for £47.2m in cash. This leaves Great Portland with a 12.5% share and lifts BPO's stake to 87.5% at completion.

"We have worked hard with our partners Brookfield to prepare 100 Bishopsgate for a potential start on site once pre-lettings are in place. Now that these preparatory works are complete, the time is right for us to reduce our holding," said Great Portland's Chief Executive Toby Courtauld.

"100 Bishopsgate promises to be a building of exceptional quality in the capable hands of the Partnership's development manager, Brookfield."

The two-acre site under discussion is in the centre of London's financial district, situated close to Camomile Street, St. Mary Axe and St. Helen's Place. Planning consent was achieved in 2011 for a 948,600 square foot mixed use development which includes two office and ancillary retail buildings.

Great Portland said that its remaining 12.5% holding will be the subject of 'put and call' options, |"with GPE able to 'put' its remaining holding onto BPO in October 2014 at £15.74m, and BPO able to 'call' for GPE to sell to a third party investor only, and only in the event that BPO simultaneously sells a 37.5% holding, therefore giving that investor the chance to own 50% of the Partnership.

"Under the call option, the transfer price is the higher of £15.74m, the actual transfer price agreed between BPO and the third party or the market value of GPE's holding at the time of the transfer."

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