Exchange Tower sold to MPGA Europe by Hammersmith for £134.6 million

Hammerson has sold its London Docklands Exchange Tower to MPGA Europe Fund III for £134.6m.

The real estate investor will make a 74 per cent return on the 16-storey property.

The building, located close to Canary Wharf office space, was sold for £3 million more than its valuation in December of 2009.

Hammerson bought the tower in 1999 for £77 million and saw an annual rent of £10.7 million. Chief executive David Atkins said: “Harbour Exchange has been a good investment for the company over the last decade. However, I believe the capital can be better deployed in other opportunities”.

He added: “Our recent transactions, including the acquisitions of Leadenhall Court and Battery retail park, and the part-disposal of Espace Saint Quentin, should improve the prospects for future growth from our portfolio whilst overall releasing capital”.

Buyer of the 45,000 square foot office building MPGA said it will “make the most of the opportunity to lease vacant space and restructure leases into the recovering Central London office market”.

Author: Amy Edwards | | 0 Comments

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