Hammerson has sold its interests in 18 & 19 Hanover Square to Great Portland Estates plc for a total consideration of approximately €80 million (£57.6 million), more than €7 million (£5.3 million) above their book value at 31 December 2005.
Hammerson acquired the two properties in 1999 and, following completion of a refurbishment, re-let them in 2005. The sale includes the leasehold interest at 18 Hanover Square, a 3,500 m² building, and the freehold of the 2,800 m² property at 19 Hanover Square, let respectively to Avanta Management Services Limited and Lend Lease Europe Limited. The passing rent on the properties totals £3.1 million p.a.
John Richards, Chief Executive of Hammerson plc, said:"This is in line with Hammerson's policy of recycling capital. Proceeds will be reinvested in Hammerson's existing operations."