┬ú100m Purchase of 99 Bishopsgate, Central London
Property investment firm, Hammerson, has added to its portfolio of London properties with the ┬ú100 million acquisition of a 999 year leasehold on London office building 99 Bishopsgate.
The 26 storey structure, offering 31,500 sq metres of office space in the EC2 region of Central London, previously had a leasehold that was due to last until 2100.
Hammerson Chief Executive, David Atkins has said ΓÇ£This freehold acquisition further increases our exposure to the City of London office market whilst improving asset liquidity and expected returns. 99 Bishopsgate is an excellent building which has consistently achieved peak City rents. We have an exciting business plan for the property and ownership of the merged interest will ensure that we maximise returns to shareholders from this investment.”
Plans to refurbish 13,500 sq metres of the office space by 2012 will help to satisfy the rising demand for office space in Central London, where concerns over the availability of Grade A office space throughout 2012 and onwards have arisen.
99 Bishopgate will join HammersonΓÇÖs extensive property portfiolio including 7 other London office buildings, along with 17 shopping centres and 17 retail parks valued in excess of ┬ú5bn.
- Green Light for London Wall Office Scheme
- London’s St Katharine Docks sell for ┬ú156m
- Work Resumes on The Pinnacle