Hammerson to sell Harbour Exchange

22nd Jun 2010 12:50

Hammerson, the UK property giant, has exchanged conditional contracts for the sale of Exchange Tower in London's Docklands. The buyer is MGPA Europe Fund III, and Hammerson will receive £134m, net of £1m disposal costs. Completion is scheduled for September 2010.The 16 storey office tower at 1&2 Harbour Exchange was originally acquired by the group in 1999 for a consideration of £77m. Chief executive David Atkins said: "Harbour Exchange has been a good investment for the company over the last decade. However, I believe the capital can be better deployed in other opportunities.""Our recent transactions, including the acquisitions of Leadenhall Court and Battery retail park, and the part-disposal of Espace Saint Quentin, should improve the prospects for future growth from our portfolio whilst overall releasing capital."