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Brookfield buys into London's CityPoint

US investor Brookfield has bought a stake in London's CityPoint Tower, the latest in a series of recent moves into the Square Mile's high-rise office market.

Brookfield has bought a £106m junior loan on the tower from distressed assets specialist Mount Kellett, according to sources close to the deal.

The move gives Brookfield the chance to take over the whole building if it can strike a deal with the tower's owner, US private equity firm Beacon Capital Partners. Beacon saw its £429m senior borrowings slide into special servicing in 2012.

The deal comes just two weeks after Brookfield made an audacious £2.2bn bid for control of Canary Wharf Group, in partnership with the Qatar Investment Authority. That bid was rejected.

Brookfield is also planning shortly to start constructing a tower at 100 Bishopsgate, in the heart of the City.

It bought out partner Great Portland Estates' 12.5 per cent share of the scheme for £15.8m last week.

The 35-storey CityPoint was built in 1967, becoming the City of London's first building to top the height of St Paul's Cathedral. As a result of derivatives losses it became a casualty of the financial crisis, along with the building known as the Gherkin - which sold last week for £726m.

Beacon's senior debt is held by investors in a commercial mortgage-backed securities issue which matures in 2017. It is serviced by London-based start-up Mount Street, which bought Morgan Stanley's servicing platform this year.

Brookfield and Mount Kellett both refused to comment

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