09
June
2009
|
00:00
Europe/Dublin

BIGGEST INVESTMENT TRANSACTION IN 12 MONTHS CONCLUDED IN LONDON CITY

The London Capital Markets team at CB Richard Ellis has sold a 75% interest in Hammerson’s Bishops Square development to the Oman Investment Fund (OIF) - the largest transaction completed in London's City investment market for over 12 months. The consideration for the property is £445 million and will now be held in a 75/25 joint venture between the OIF and Hammerson.

Biships Square

Bishops Square is not only Hammerson's largest asset but is also the largest office building in the City of London. The 7-acre complex in Spitalfields completed in 2005 and comprises 71,000 sq m of office and 4,000 sq m of retail space. It is the global headquarters of Allen & Overy LLP.

Commenting on the transaction, Andrew Gunne, Director of Capital Markets in Dublin said “This is a good example of the depth of the appetite for well-located, Grade A offices on long leases to strong covenants. Whilst there were no Irish parties who bid on this particular property, there were a number of clients who made expressions of interest. The key here was the fact that the senior debt package already in place was assignable to the purchaser. For the largest building in London to be sold in the current climate is a great shot in the arm for the investment community over there. There continues to be a substantial amount of cash buyers circling central London, with German open and closed ended funds leading the charge".

For Further Information please contact

Andrew Gunne
CB Richard Ellis
andrew.gunne@cbre.com
Tel: 00 353 1 6185577

Marie Hunt
CB Richard Ellis
Marie.hunt@cbre.com
Tel 00 353 1 6185543