Wed, 10 Oct 2012 | COMMERCIAL PROPERTY
Hammerson is continuing to sell its commercial property in the UK capital, with a £200 million sale recently seen in the Square Mile.
Focusing on exiting the London office market, the firm is keen to move its business over to retail property. It has already sold over £500 million worth of offices to Canadian developer Brookfield earlier this year, and is set to gain a further £60 million from the sale of 10 Gresham Street, in which it owned a 30 per cent stake.
Contracts on the Gresham Street property have been exchanged for £200 million, representing a 5.25 per cent initial yield.
The building generates around £3 million a year in rent and will deliver a tidy income for its new owners.
This just leaves Hammerson with its Victoria property, Stockley House. It also has its own headquarters elsewhere in London but these are not thought to be up for sale.
The profits from the sale of the London office property is to be invested by Hammerson into its retail business. The company has pumped a further £100 million into designer outlet developer Value Retail this summer and is also looking to gain ground from Westfield outlets in London.
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