INDUSTRY NEWS

£100m office purchase for investor

London office space at 99 Bishopsgate has been let on a 999-year lease for £100 million.

Hammerson, the property investor, has taken over the building, with plans to make the most of the huge current demand for London offices.

It will refurbish parts of the building to create offices in the 31,500 square metre building, according to Reuters.

The building is currently home to Deutsche Bank, Korea Development Bank, Latham and Watkins and Charles River Associates.

Hammerson says it expects Deutsche Bank to move out later this year, and it hopes to refurbish around a third of the site, 13,500 sq metres, by 2012.

Reuters adds that the number of office developments in London has doubled this year.

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