Major London commercial development seeks buyer

Property investment is being sought for a stake in the Bishop's Square commercial development near Spitalfields market in central London.

Currently, The State of Oman owns 75 per cent of the development, as part of a joint venture with British property investment firm Hammerson, but it has been reported that the state is looking to sell off at least one third of the equity it owns.

Hammerson, the developer of the 825,000 sq ft complex, which features prime London offices and retail space, sold the majority share to The Oman Investment Fund for £445 million in July of last year.

Jones Lang LaSalle has been appointed to find suitable investors for the development and interest from investors is reported to be strong, with some offering to buy the entire 75 per cent of the State of Oman's equity. Hammerrson is not thought to be considering selling its own stake.

In light of recent data from agent CB Richard Ellis, which revealed that the value of UK commercial property is still rising, but the growth rate has almost stopped completely, it is thought that The Oman Investment Fund will be looking to sell their share quickly before the value of the asset begins to fall.

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