Key Takeaways
- • Brookfield Corporation is in discussions to acquire China Life Insurance's 40% stake in 99 Bishopsgate, a City of London office tower scheduled for redevelopment, according to the Financial Times.
- • China Life is reportedly negotiating to convert its equity interest into debt, which would make Brookfield the property's majority owner.
- • The building was valued at £280m at the end of 2025; Brookfield currently holds 20%, with Canadian businessman Victor Dahdaleh owning the remaining interest.
- • Brookfield has planning permission to demolish the existing building and replace it with a 54-storey skyscraper, with demolition expected to begin in 2027; China Life would not contribute additional capital.
- • The deal fits a broader retreat by Chinese investors from London commercial property, which per CoStar data moved from a net £10bn of acquisitions in 2017-2020 to a net £3bn of disposals since January 2021.
Summary
Brookfield Corporation is in discussions to acquire China Life Insurance's 40% stake in 99 Bishopsgate, a City of London office tower slated for redevelopment, according to a report by the Financial Times. China Life acquired its holding in 2015 and is reportedly negotiating to convert its equity interest into debt. Such an arrangement would allow Brookfield to become the majority owner of the property.
Brookfield currently holds a 20% stake in the asset, while Canadian businessman Victor Dahdaleh owns the remainder. The building was valued at £280m at the end of 2025. Under the proposed structure, China Life would not provide additional capital toward the redevelopment.
Brookfield secured planning permission last year to demolish the existing property and replace it with a 54-storey skyscraper. Demolition is expected to begin in 2027.
The potential transaction comes amid a broader withdrawal of Chinese investors from London's commercial property market. According to CoStar data cited by the Financial Times, Chinese investors acquired a net £10bn of London property between 2017 and 2020 but have disposed of a net £3bn since January 2021. The shift reflects higher financing costs, refurbishment requirements and changing investment priorities.
Brookfield currently holds a 20% stake in the asset, while Canadian businessman Victor Dahdaleh owns the remainder. The building was valued at £280m at the end of 2025. Under the proposed structure, China Life would not provide additional capital toward the redevelopment.
Brookfield secured planning permission last year to demolish the existing property and replace it with a 54-storey skyscraper. Demolition is expected to begin in 2027.
The potential transaction comes amid a broader withdrawal of Chinese investors from London's commercial property market. According to CoStar data cited by the Financial Times, Chinese investors acquired a net £10bn of London property between 2017 and 2020 but have disposed of a net £3bn since January 2021. The shift reflects higher financing costs, refurbishment requirements and changing investment priorities.
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