Hammerson plc has sold its freehold and long leasehold interests in Latham House, 16 Minories, London EC3, and adjacent property interests, to Minories Estate Limited, a private company (part of Beetham Organization Limited), to realise net sales proceeds of £23 million, marginally above book value as at 31 December 2003.
Hammerson is entitled to certain additional payments dependent on the achievement of planning consents and the floor area of any new development.
Hammerson acquired its interests in Latham House in 1996 and the 8,400 m² office building generated a net rental income of £2.8 million in 2003.
John Richards, Chief Executive of Hammerson, said: “This sale is in line with our strategy of recycling capital. The proceeds will be used for investment in projects offering good growth potential. The group has a substantial pipeline of future development opportunities both in the retail and office sectors.”
Hammerson was advised by CBRE and Minories Estate was advised by BH2.