INDUSTRY NEWS

Hammerson to sell off entire office portfolio

Property developer Hammerson has revealed plans to sell off all of the offices in its property portfolio.

The announcement followed the publication of Hammerson’s financial results for 2011 – which displayed that rental income has increased by 2.5 per cent.

However, it has been decided that attention will instead be directed towards the properties in its retail portfolio.

There are a number of London offices in Hammerson’s office portfolio, including 99 Bishopsgate, 1 Leadenhall Court and 125 Old Broad Street.

Chief executive of Hammerson, David Atkins, commented on the decision.

He said: “Hammerson has created a retail business delivering outperformance from prime assets in winning locations. We now intend to sell our standing office investments over the medium term to maximise returns, redeploying capital into the retail sector to exploit our expertise and build on our existing scale.

“This will create efficiencies that lead to further cost savings and income growth from our portfolio.”

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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