2nd May 2007 12:58
Hammerson PLC02 May 2007 Proposed Major City Development Hammerson plc and its partner, the City of London Corporation, have entered intoan exclusivity agreement with leading international bank, JPMorgan, to agreeterms for the construction of its new European headquarters building. Under the terms of the agreement Hammerson will work in partnership with theCity of London Corporation to bring forward a redevelopment of St. AlphageHouse, London Wall, London EC2, to create a major new office building ofapproximately 90,000m(2) (1,000,000 ft(2)), which will house JPMorgan'sInvestment Bank. Hammerson will be the development manager for the project. JPMorgan plans toacquire the long leasehold interest in the site from the City of LondonCorporation prior to construction and will own the building. A preliminary scheme has been drawn up by KPF architects and KKS Strategy isdeveloping interior designs to JPMorgan's exact specification. It isanticipated that a planning application will be submitted later this year withan anticipated start on site during 2008. John Richards, Chief Executive of Hammerson, said: "We are very pleased to be working in partnership with the City of London toprovide a prestigious new headquarters office building for JPMorgan, which willmaintain the bank's long tradition of operating within the Square Mile." Michael Snyder, Chairman of the Policy Committee of the City of LondonCorporation, said: "We are delighted with this agreement and once more to be working with Hammersonon a major development project. This new building and JPMorgan's continuedpresence in the City will reinforce London's pre-eminent position as Europe'sleading financial capital." Hammerson and the City of London were advised by Knight Frank in theirnegotiations with JPMorgan. Jones Lang LaSalle has advised the City of Londonin its capacity as owner of St. Alphage House. JPMorgan was advised by DTZ. Enquiries: John Richards, Chief Executive Tel: 020 7887 1000Christopher Smith, Director of Corporate Affairs Tel: 020 7887 1019 [email protected] Notes to Editors: • Hammerson plc is a leading European REIT (LSE: HMSO). Established over 50 years ago, the group has operations in the UK and France. Its high quality real estate portfolio provides around 1,200,000m(2) of retail space and 270,000m(2) of prime offices and is valued at nearly £7 billion. In recent years the group has carried out a number of high profile developments in the City, most recently the 70,000m(2) Bishops Square scheme in partnership with the City of London Corporation. For more information, visit www.hammerson.com • The City of London Corporation provides local government services for the City of London, the financial and commercial heart of the UK. It is committed to maintaining and enhancing the status of the business City as the world's leading international financial and business centre through its policies and services. Its responsibilities also extend far beyond the City boundaries and include management of the Barbican Centre, Central Criminal Court at the Old Bailey, Epping Forest, Hampstead Heath, three wholesale food markets, as well as acting as the London Port Health Authority. For more information, visit www.cityoflondon.gov.uk • JPMorgan is part of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under its JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. For more information, visit www.jpmorgan.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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