Great Portland Estates has agreed to sell a 37.5% interest in The 100 Bishopsgate Partnership which was a 50:50 joint venture with Brookfield Properties Corporation.

Brookfield is paying £47.2m in cash for the stake with a further £15.74m due on completion and equal payments of £15.74m in October 2013 and April 2014.

Groundworks have been completed at the site near Liverpool Street Station which will be home to a 40-storey tower built by Brookfield Multiplex when the scheme restarts once potential tenants come forward.

Toby Courtauld, Chief Executive of Great Portland said “We have worked hard with our partners Brookfield to prepare 100 Bishopsgate for a potential start on site once pre-lettings are in place.

“Now that these preparatory works are complete, the time is right for us to reduce our holding.

“100 Bishopsgate promises to be a building of exceptional quality in the capable hands of the Partnership’s development manager, Brookfield.”

Dennis Friedrich, CEO of Brookfield Office Properties, said “We are strong believers in the long-term outlook for London as a flourishing centre of commerce, as indicated by this transaction and other recent investments we’ve made in the City.

“Our venture with GPE has been successful and we look forward to our continued partnership as the 100 Bishopsgate development progresses.”