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Report: Brookfield Property could sell London development to Munich Re

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Report: Brookfield Property could sell London development to Munich Re

Diversified commercial real estate company Brookfield Property Partners LP is in discussions to sell its 1 Leadenhall project in the City of London financial district to Munich Re Co., Bloomberg News reported, citing people familiar with the matter.

The unnamed sources told the news outlet that Munich Re, considered to be the largest reinsurer, has explored several developments and a deal has not been finalized with Brookfield Property. They added that the insurer could use the property as its new headquarters in the U.K., potentially occupying up to 150,000 square feet of building space and leasing the remaining space.

Brookfield Property earlier in 2017 obtained approval from the City of London Corp. to develop a 36-story tower on the site, with the project expected to break ground when Amazon.com Inc. exits the existing seven-story building in late 2018. The planned tower is expected to be about as tall as the nearby Walkie Talkie building and feature roughly 540,000 square feet of office space and 50,000 square feet of stores.

Neither spokesmen for Brookfield Property nor Munich Re commented on the matter. Potential deal broker Cushman & Wakefield Inc. also declined to comment, according to the report.