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Commercial property’s moment of truth

Interest rates have peaked and activity in several sectors is picking up, but some fear bad news is still to emerge

Citypoint was the City of London’s first skyscraper. When it was built in the 1960s, as an office for British Petroleum, it was the tallest building completed in the square mile since St Paul’s Cathedral in 1710.

Today, the tower near Moorgate station is again leading the market in City real estate — but in a different way.

Brookfield, the Canadian investment group, last month put Citypoint on the market, seeking offers over £500mn. If it sells, it would be the largest office building to change hands in the City in more than two years.

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