Hammerson nets £79m from Bishops Sq

15th Dec 2010 07:18

Hammerson and its partner, the Oman Investment Fund, have sold their interest in the Bishops Square office building, London E1, to two funds run by JP Morgan.Hammerson will net £79m, representing a surplus of £34m over the June book value. The total consideration is £557m against a value at end June of £510m with net passing rents at that time of £35m. Bishops Square compreises provides 71,900m2 of office space let to law firm Allen & Overy and an additional 4,600m2 of retail space. Hammerson sold a 75% stake in Bishops Square to OIF in June 2009.