Hammerson PLC announced this week that it had sold the majority of its office portfolio totaling 884,000 square feet to Brookfield Office Properties for aggregate cash proceeds of £518 million, or $812 million. Brookfield Office Properties is funding the acquisitions through the assumption of $106 million of debt, additional property-level debt expected to be put in place prior to close and from available cash resources. Earlier this year Hammerson announced a revised strategy to become a specialist retail property company, and the intention to sell its London office assets.
The portfolio includes:
-125 Old Broad Street: 26 floors and 98% leased
- 99 Bishopsgate: 26 floors and 62% leased
- Leadenhall Court: 6 floors and 100% leased
- 1 Puddle Dock: 7 floors and 100% leased
- Principal Place, a development property planned for a 599,000-square-foot office tower
Brookfield will look at other buying opportunities “across all of the central London marketplaces,” Martin Jepson, senior vice president for development and investment, told Bloomberg. "This transaction is a unique opportunity for Brookfield Office Properties to acquire a portfolio of top-quality office assets and a well-located development site in the London market," said Dennis Friedrich, president and global chief investment officer of Brookfield Office Properties. "This acquisition aligns with our strategy of providing front-office accommodations to the world's most prestigious tenants by owning and operating premier properties that are well-located within the most dynamic global markets."
For more news or information visit Blumberg Capital Partners.
No comments:
Post a Comment