Hammerson down to one office property
Property firm Hammerson has sold one of its last central London office properties as it pushes forward with plans to focus solely on retail space.
Property firm Hammerson has sold one of its last central London office properties as it pushes forward with plans to focus solely on retail space.
The deal means the firm has just one office building left in its portfolio.
Hammerson said it had exchanged contracts for the sale of 10 Gresham Street, London EC2, for £200m, representing an initial yield of 5.25%.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The building was bought in August 2010 for £175m in a 30:70 joint venture with Canada Pension Plan Investment Board.
The deal with Kumpulan Wang Amanah Pencen, the Malaysian state pension fund, means Hammerson's share of the proceeds will be £60m.
Chief Executive David Atkins said the transaction further increased his firm's retail focus and meant the firm had capitalised on investor demand to secure an exit above book value.
The deal comes after the company exchanged contracts on the majority of its office portfolio with Brookfield Office Properties for £518m in June.
Hammerson is now marketing Stockley House, the final office investment in its portfolio.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
FCA car finance compensation: £700 each expected for 14 million drivers
Eligible motorists could begin getting a payout from next year under the financial watchdog’s planned car finance compensation scheme
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder