Hammerson plc has today exchanged contracts and completed the sale of 21 Moorfields, London EC2, to The Gertner Family Interests, in partnership with the Novyon Foundation, realising net sales proceeds of £47.7 million, slightly in excess of its book value at 31 December 2003.
Built in 1973, 21 Moorfields is a 14,000 m² office building, which is let to Lazard Bros & Co. (who are not currently in occupation) under a lease expiring in 2008. Hammerson acquired the building in 1992, which now produces a rental income of £5.6 million per annum. In 2001, Hammerson obtained outline planning consent to redevelop the site with a new office building of 40,000 m².
John Richards, Chief Executive of Hammerson said: “This sale will release resources for investment in other projects. The group has a substantial pipeline of future development opportunities both in the retail and office sectors.”
Fordgate Limited advised the purchasers.