4th Jan 2006 07:00
Hammerson PLC04 January 2006 SALE OF DUDLEY HOUSE, 100 PARK LANE, LONDON W1 Hammerson plc and Grosvenor Ltd have exchanged contracts for the sale for £37.4million of a leasehold interest in Dudley House, 100 Park Lane, to Bristol IslesLtd, a private investment company controlled by a Middle Eastern investor. Hammerson has occupied 100 Park Lane under a long leasehold from Grosvenor since1970. The disposal follows Hammerson's decision to relocate to 10 GrosvenorStreet, London W1. Hammerson, the leaseholder, and Grosvenor, the freeholder, combined theirinterests in 100 Park Lane in order to facilitate the sale. Under the terms ofthe transaction, Hammerson will receive approximately £14.9 million,representing 40% of the disposal proceeds. The sale is scheduled to completebefore the end of January 2006. Hammerson has the right to remain in occupationuntil 31 July 2006. However, it is anticipated that the group will relocate to10 Grosvenor Street during June 2006. John Richards, Chief Executive of Hammerson plc, said: " This successful transaction unlocks significant value for both Hammerson andGrosvenor. Hammerson now looks forward to the move to 10 Grosvenor Street, whichprovides modern, efficient office accommodation and the flexibility to furtherexpand the group's business. Our connection with Grosvenor remains as 10Grosvenor Street was developed by Hammerson in a 50:50 joint venture withGrosvenor." Hammerson and Grosvenor were advised by Savills. For further information: John Richards, Chief Executive, Hammerson plc Tel: 020 7887 1000 Chris Smith, Director of Corporate Affairs, Hammerson plc Tel: 020 7887 1019 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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