Disposal of Harbour Exchange,

RNS Number : 0089O

Hammerson PLC

22 June 2010

 



22 June 2010

Disposal of Harbour Exchange, London E14

Hammerson plc has exchanged conditional contracts for the sale of Exchange Tower in London's Docklands. The purchaser is MGPA Europe Fund III, and Hammerson will receive proceeds of £134 million, net of £1 million disposal costs. Completion is scheduled for September 2010.

The 16 storey office tower at 1&2 Harbour Exchange was originally acquired by Hammerson in 1999 for a consideration of £77 million. The building comprises 45,000 m² of office space let to a range of tenants. At 31 December 2009 Harbour Exchange was valued at £131 million and had passing rents of £10.7 million.

David Atkins, Chief Executive of Hammerson, 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."

Further information:

David Atkins, Chief Executive	Tel:  [phone]
Morgan Bone, Director of Corporate Communications	Tel:  [phone] [e-mail]

 

 

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