Real estate investor Hammerson is set to make a 74 percent return from the 134 million pounds sale of a London Docklands office tower in a portfolio reshuffle aimed at unlocking capital for new buys,reports Reuters.
The 16-storey Exchange Tower property, near London's Canary Wharf business district, has been sold to MGPA Europe Fund III for 3 million pounds more than its valuation at Dec. 31, 2009.
Hammerson is benefitting from a resurgence in investor interest in London offices as prices and rents rally amid increased occupier demand.
"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," Hammerson Chief Executive David Atkins said.
The 45,000 square metre tower was originally acquired by Hammerson in 1999 for about 77 million pounds and generated rents of 10.7 million pounds at end-2009.
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