Hammerson Buys Leadenhall Court, London EC3 Leashold For GBP65M

11th Jun 2010 07:08

LONDON (Dow Jones)--Hammerson PLC (HMSO.LN), a European real estate company, operating in the U.K. and France, said Friday it has exchanged conditional contracts for the acquisition of a long leasehold interest in Leadenhall Court, a City of London office building, for GBP65 million. MAIN FACTS: -Hammerson is buying the leasehold from Alan Bloom and Alan Hudson of Ernst & Young LLP, Joint Receivers over the property which is part of the portfolio securing the White Tower 2006-3 plc CMBS issuance. -The building provides 10,126 m2 in a prime City of London location. -Building is fully let until March 2014; Passing rents are GBP7.16 million per annum after payment of head rent to the City of London Corporation, reflecting an initial yield of 11%. -There is a wide range of opportunities to add value to the property, including the potential for refurbishment or full redevelopment of the property. -The acquisition offers an immediate positive contribution to earnings. -Shares closed Thursday at 358.5 pence valuing the company at GBP2.54 billion. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 11, 2010 02:08 ET (06:08 GMT)