Hammerson plc has exchanged contracts for the sale of its long leasehold interest in Centennium House, 100 Lower Thames Street, London EC3, to LaSalle Investment Management. It is anticipated that completion will take place in December 2004 and give rise to net sales proceeds of £27.3 million in cash. Centennium House was valued at £21.8 million as at 31 December 2003.
Hammerson acquired the site in 1994 and completed the redevelopment of Centennium House in 1999. The 5,800 m² office building, which is let to GC Pan European Crossing UK Limited, produces a rental income of £2.1 million per annum.
John Richards, Chief Executive of Hammerson, said:
“This sale will release resources for investment in other projects. The group has a substantial pipeline of development opportunities, which includes 125 Old Broad Street and 60 Threadneedle Street, the former London Stock Exchange buildings.”
Hammerson was advised by Drivers Jonas. LaSalle Investment Management was advised by King Sturge.