Sale of three London office buildings collapses

On 17 October 2003, Hammerson plc announced the exchange of conditional contracts for the sale of three office properties in central London, 21 Moorfields, EC2, Grant Thornton House and 40 Melton Street, Euston Square, NW1, to a subsidiary of Fordgate, a private company, for a total of £122 million.

Although Hammerson has fulfilled the outstanding conditions, the proposed purchaser has failed to complete the transaction in accordance with the contract. Therefore Hammerson has terminated the contract and intends to retain the purchaser’s deposit and will be seeking appropriate redress.

Source: Hammerson

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