INDUSTRY NEWS

Brookfield agrees deal for Hammerson’s office space in London

Having been previously been in discussions with Brookfield, Hammerson have agreed a deal to sell their office space in London to the New York-based firm, according to an article published by the Telegraph.

In a deal worth £518 million, Brookfield will pay £329 million by the end of September for Principal Place, 99 Bishopsgate and two smaller buildings, and a further £189 million by next June for Leadenhall Court and 125 Old Broad Street.

Hammerson chief executive David Atkins put the company’s London property portfolio on the market in February – with the FTSE 100 company planning to focus more on its retail assets; they originally planned to sell the buildings off one by one but a number of investors based abroad expressed their interest in buying the entire portfolio.

The proceeds from the sale will be invested in retail developments and acquisitions in prime regional shopping centres, premium designer outlets and convenient retail parks.

Commenting on the deal, Mr Atkins stated: “I’m delighted that we have been able to achieve our goal of becoming a pure retail business earlier than anticipated by arranging a single transaction for the majority of our London offices which secures excellent value for shareholders.”

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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