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 Private Equity Wire. The report says the discussions were reported by the Financial Times.
China Life, which acquired its holding in 2015, is reportedly negotiating to convert its equity interest into debt, which would allow Brookfield to become the property’s majority owner, according to Private Equity Wire. Brookfield currently holds a 20% stake in the property, while Canadian businessman Victor Dahdaleh owns the remaining interest, according to the same report.
Ownership structure and proposed changes
The discussions focus on China Life’s 40% interest in 99 Bishopsgate and a structure under which that equity would be converted into debt, according to Private Equity Wire. Under the proposed arrangement described in the report, China Life would not provide additional capital towards the redevelopment.
Brookfield’s existing holding is 20%, and the remaining interest is owned by Victor Dahdaleh, according to the report. The report characterises the outcome of the negotiations as enabling Brookfield to become the majority owner of the property.
Asset valuation and redevelopment timeline
99 Bishopsgate was valued at £280m at the end of 2025, according to the report. Brookfield secured planning permission last year to demolish the existing property and replace it with a 54-storey skyscraper, according to the same report.
Demolition is expected to begin in 2027, according to Private Equity Wire. The report describes the tower as scheduled for redevelopment.
Wider market backdrop cited in the report
The potential transaction comes amid a broader withdrawal of Chinese investors from London’s commercial property market, according to the report. CoStar data cited by the Financial Times shows Chinese investors acquired a net £10bn of London property between 2017 and 2020, but have disposed of a net £3bn since January 2021, according to the report.
The report attributes that shift to higher financing costs, refurbishment requirements and changing investment priorities. The report identifies China Life as a Chinese insurer and Brookfield Corporation as the counterparty in discussions over the 99 Bishopsgate stake.
