Brookfield Office Properties' Royal Centre Sale Nets $285M
Brookfield Canada Office Properties has sold Royal Centre, netting proceeds of $285M. The 590k SF, 36-storey building at 1055 W Georgia St (housing Royal Bank of Canada's BC head office) was put on the block last year. While Brookfield didn’t disclose any additional transaction details, the Financial Post reported in January that German multi-billionaire Klaus-Michael Kuehne was nearing a deal to buy the tower, built in 1973, for $425M. Brookfield says sale proceeds will be distributed to unitholders next month.