18th Jul 2006 09:49
Hammerson PLC18 July 2006 Hammerson sells interest in 83-85 Pall Mall, London SW1 Hammerson plc has sold its leasehold interest in 83-85 Pall Mall, London SW1, toa UK pension fund client of Orchard Street Investment Management LLP for a netconsideration of £36.7 million. The sale price reflects a premium to book valueof £8.3 million. The building, held on a long lease from the Crown Estate, was acquired byHammerson in 1982 and redeveloped two years later to provide 4,400 m2 ofhigh-quality office space, which was refurbished in 1999. The net passing renton the property is £1.4 million. John Richards, Chief Executive of Hammerson plc, said: "This is in line with Hammerson's policy of recycling capital. The Company plansto reinvest the proceeds in assets offering greater potential for assetmanagement and development." Chris Bartram, Chairman of Orchard Street Investment Management LLP, said "We are delighted to have acquired this asset which has significant reversionaryincome potential and is in a market where we see good growth in the years ahead." For further information: John Richards, Chief Executive, Hammerson plc Tel: 020 7887 1000Andrea Cockram, Corporate Communications Manager, Hammerson plc Tel: 020 7887 1881 [email protected] Bartram, Orchard Street Investment Management LLP Tel: 020 7494 8860 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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