2nd Sep 2014 08:45
LONDON (Alliance News) - Hammerson PLC Tuesday said it has completed the sale of its 50% stake in its last remaining office asset, 10 Grosvenor Street in Mayfair, London to its joint venture partner Grosvenor Fund Management's London Office Fund in a deal worth GBP54 million.
The building is currently Hammerson's own headquarters, and staff will now relocate to a site in Kings Cross.
The sale of the building completes Hammerson's disposal of its office portfolio, which has generated GBP690 million of funds which have been recycled into its retail-focused business including the acquisition of Victoria Quarter in Leeds.
The 5,900 square meter office building which is fully let and includes retail at ground floor level was developed in 2003 by Hammerson and Grosvenor. The sale price represents a net initial yield of 3.9% and is slightly above the June 2014 book value.
Hammerson shares were quoted down 0.2% at 611.50 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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