Disposal

Hammerson PLC
10 April 2001

 

Hammerson Sells City Office Property
 
Hammerson plc has exchanged contracts for the sale of its interest in Senator
House, London EC2 to Challenger International Limited, an Australian
financial services group, for £83.6 million, slightly above the book value at
31 December 2000. Completion will take place on 4 May 2001.
 
The 14,600 square metre (157,000 sq ft) office building was developed by
Hammerson in 1991 and is leased to International Power, Eversheds,
Commonwealth Bank of Australia and Bank Ekspor Impor Indonesia. Net rental
income from the property in 2000 was £5.8 million.
 
Commenting on the sale, John Richards, Chief Executive, said:

'This disposal releases resources for reinvestment in line with our
policy of recycling the group's capital. I remain confident in the outlook
for both rents and values for prime office buildings in central London.
Currently we are carrying out two major developments at 280 Bishopsgate and
One London Wall in the City.'
 
Hammerson was advised by Insignia Richard Ellis and Challenger was advised by
Babcock and Brown and Matthews and Goodman.
 

 
For further information:
 
John Richards          Tel: [phone]
Chief Executive        Fax: [phone]
 
Simon Melliss
Finance Director