12th Sep 2008 11:59
For immediate release Friday, 12 September 2008
£230 Million City Office Transaction
Hammerson and its joint venture partner Pearl Assurance have exchanged contracts for the sale of their long leasehold interest in Moorhouse, 120 London Wall, a 30,100m2 office building in the City of London, for a total consideration of £230 million, before costs of £1 million. The purchaser is Deka Immobilien Investment GmbH, a German open-ended fund.
The development of Moorhouse was completed in 2004. The cost of Hammerson's 67% interest in the scheme was £142 million, whilst its share of the net sale proceeds will be £152 million. This compares with the book value of the Group's interest at 30 June 2008 of £169 million. Hammerson's share of the passing rent is £10.5 million per annum.
John Richards, Chief Executive of Hammerson, said:
"This transaction demonstrates that there is continuing interest from investors for high quality assets in the City of London. It reduces Hammerson's exposure to the City office market and is in line with our policy of recycling capital from mature assets into new opportunities."
Further information:
|
John Richards, Chief Executive |
Tel: 020 7887 1000 |
|
Chris Smith, Director of Corporate Affairs |
Tel: 020 7887 1019 Chris.smith@hammerson.com |
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