INDUSTRY NEWS

State of Oman puts Bishops Square on the market

The State of Oman has entered into negotiations to sell its 75 per cent stake in Bishops Square. The Oman Investment Fund bought its share of the property in 2009 from developer Hammerson for £445 million. OIF intends to take advantage of the recovery in the prime commercial property market with the skyscraper now expected to sell for £550 million, bringing a 6 per cent yield.

The complex was completed by Hammerson in 2005. Since then it has won various awards including the ‘Best Public Space’ in 2007. The developer retained a 25 per cent share in the property in 2009 and is not thought to be considering a sale of that stake at present.

Bishops Square, located near London’s Spitalfields Market, offers 774,000 square feet of London office space alongside retail and restaurant outlets. The office space is currently rented by international law firm Allen & Overy.

 

Image: Flickr (.Martin.)