J.P. Morgan purchase Bishopsgate office site.
Bishopsgate office site acquired by property company J.P. Morgan.
The investment and banking group J.P. Morgan has acquired the Bishopsgate office site in London. The company have agreed to purchase the major office development in a deal that’s worth around $900 million.
J.P. Morgan have bought the property site from the joint venture that compromises of the Oman Investment Fund and Hammerson. The Bishopsgate office site was developed and constructed by Hammerson in 2005 and currently the biggest lease on the site is to law firm Allen & Overy who rent the majority of the building.
“We remain bullish on investing in high-quality, well-tenanted office properties located throughout Europe’s most important cities and this acquisition represents a further expansion of our funds’ core property portfolio in Europe,” commented Peter Reilly, head of the Real Estate Group, the company that manage J.P. Morgan’s Assets in Europe.
In June 30 2010 the value of the Bishopsgate site stood at £510 million and it was sold for £557 million. Hammerson have said that its net profit from the sale of the company’s stake in the Bishopsgate site stands at 79 million pounds.
During negotiations Hammerson and Oman were advised by Jones Lang LaSalle and CLifford Chance whilst J.P. Morgan were represented by Berwin Leighton Paisner and Deloitte.